Protecting your trademark can pay dividends. Not only is it a valuable property asset, but it’s also your brand and your reputation. The reputation you’ve established is associated with these different brand elements: your name, logo, and tagline. It is also the reason why people buy from you. It’s important to take steps to protect these crucial company assets.
With trademarks, there are many legal requirements, strict time deadlines, and the filing fees are not refunded by the United States Patent and Trademark Office (USPTO) if you mess up. That’s why you should use an attorney. An attorney will do the research to make sure the mark isn't already taken, ensure the filing gets accepted by the Office and provide sound legal advice throughout the entire process.
Although you may be able to do this yourself, there is a chance you will make a mistake, overlook something, or simply take a path that is not the best for your company. A lawyer is a safe-guard against these problems.
You have an attorney to turn to
There’s a good chance you’re going to like your attorney from LawTrades and want to keep using him / her. Also, it may help to turn to the lawyer who drafted the agreement when an event triggers it.
You won’t forget anything
There are many events that can trigger a buy-sell agreement. There are also a lot of other terms to include in a buy-sell. An attorney will assure all the points are hit.
Can I use a template I found online?
I wouldn’t recommend it. A buy sell agreement should be custom-drafted and particular to your company and co-owners. An business attorney should guide you in this process as the needs of each company and its owners are unique.
What are the different types of buy sell agreements?
There are three types of buy sell agreements. The first is a redemption agreement where the entity (rather than the other owner) is required to purchase the departing owner’s interest. Another type is a cross-purchase agreement where the remaining owners are required to purchase the departing owner’s interest. Lastly, there is a hybrid agreement where the departing owner’s interest is first offered to the remaining owners and if they choose not to purchase the departing owner’s interest then the entity is required to purchase this interest.
What type of business entity is a buy sell agreement intended for?
A buy sell agreement can be used for all business entities, including C-Corps, S-Corps, and LLCs.
Must a buy-sell agreement ever be updated?
A buy sell agreement should be updated if there is a change in circumstances such as a new owner, new spouse of an owner or other personal matter.
How does a company formulate its value when a buy-sell agreement is triggered?
It’s important to include a valuation formula in the buy sell agreement. This allows owners to discuss and vote on the how the company should be calculated. Failing to do so can cause a ton of controversy, including litigation costs and having to hire a professional appraiser.
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