Printable Business Ownership Agreement
Prepared by: [YOUR NAME]
Email: [YOUR EMAIL]
I. Introduction
This Business Ownership Agreement outlines the terms and conditions of the business ownership structure for [YOUR COMPANY NAME]. It defines the ownership stakes, roles, responsibilities, and other important details to ensure clear governance among all parties involved.
II. Ownership Structure
As of January 1, 2050, the ownership of [YOUR COMPANY NAME] is divided among the following parties:
Owner Name | Ownership Percentage | Contribution | Role |
|---|
[YOUR NAME] | 40% | $50,000 | Managing Partner |
Floyd Cremin | 30% | $30,000 | Operations Manager |
Porter Hoppe | 20% | $20,000 | Marketing Director |
Davion Barton | 10% | $10,000 | Financial Advisor |
The percentage of ownership reflects each party’s financial contribution to the business. Adjustments to ownership will occur only with mutual consent of all parties.
III. Roles and Responsibilities
Each owner agrees to fulfill the following roles:
[YOUR NAME]: Responsible for overseeing business operations and making key strategic decisions.
Floyd Cremin: Handles day-to-day operations and coordinates with team members to ensure the smooth running of the business.
Porter Hoppe: Manages the marketing efforts, brand strategy, and customer relations.
Davion Barton: Oversees financial management, including budgeting, accounting, and investor relations.
IV. Profit and Loss Distribution
The profits and losses of the business will be distributed according to the ownership percentages, as outlined in Section II.
[YOUR NAME]: 40% of profits/losses
Floyd Cremin: 30% of profits/losses
Porter Hoppe: 20% of profits/losses
Davion Barton: 10% of profits/losses
Profits will be distributed quarterly, and losses will be allocated annually.
V. Exit Strategy
In the event an owner wishes to exit the business, the following procedures will be followed:
The exiting owner must provide written notice to the other owners by March 1, 2050.
The remaining owners will have the first right of refusal to buy the exiting owner’s shares at a mutually agreed-upon valuation or as determined by an independent appraiser.
If no agreement is reached within 60 days, the shares may be offered to external investors.
VI. Dispute Resolution
If a dispute arises between owners, the following procedure will be used:
Initial Discussion: The parties will meet within 15 days of the dispute arising to attempt resolution.
Mediation: If unresolved, mediation will be conducted by a certified mediator agreed upon by both parties within 30 days.
Arbitration: If mediation fails, arbitration will occur, and the decision of the arbitrator will be final and binding.
VII. Succession Planning
In the case of an owner's death, incapacity, or retirement:
The remaining owners will have the option to buy out the deceased or incapacitated owner’s shares, following the process outlined in the Exit Strategy.
If no buyout occurs, ownership will be transferred according to the deceased or incapacitated owner’s estate planning documents.
VIII. Conclusion
This Business Ownership Agreement serves as the foundation for the governance and operational management of [YOUR COMPANY NAME]. It ensures that all parties understand their roles, responsibilities, and obligations to maintain a fair and well-organized partnership.
By signing below, the parties acknowledge their agreement to the terms and conditions outlined above.
Signatures:
Owner: [YOUR NAME]
Date: January 1, 2050
Owner: Floyd Cremin
Date: January 1, 2050
Owner: Porter Hoppe
Date: January 1, 2050
Owner: Davion Barton
Date: January 1, 2050
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