Financial

Plan ahead for the continuation of your business upon the death or retirement of an owner with this Shareholder Buy-Sell Agreement (Promissory Note Method) for Canadian companies.

• The corporation will hold life insurance policies on each of the shareholders and use the proceeds to redeem and acquire its own shares from a deceased shareholder's estate.
• If a shareholder dies, the surviving shareholders can purchase the deceased's shares on a pro rata basis (proportionate to their current shareholdings) by issuing the corporation a promissory note for the purchase price.
• The corporation will loan the purchaser the amount of the purchase price from the insurance proceeds, and then makes an election for a deemed dividend to be paid from the capital dividend account if possible.
• This is a fully editable legal form in MS Word format which can be customized to fit your circumstances.
• Governed by Canadian tax laws and ntended to be used only in Canada.

Prepare shareholders resolution authorizing the directors of a Canadian corporation to issue a prospectus with this downloadable template.

• The shareholders instruct the Board of Directors to issue a preliminary prospectus for a public offering of common shares.
• The shareholders approve the draft of the prospectus, as well as a stock option plan, and they authorize the directors to grant options under the stock option plan.
• The corporation is authorized to list its shares on a specified stock exchange.
• Available in MS Word format.
• Intended to be used only in Canada.

Appoint a registrar and transfer agent for a Canadian public company with this Shareholders Resolution to Appoint Transfer Agent.

• The shareholders of the corporation authorize the corporation to appoint the registrar and transfer agent pursuant to an underwriting agreement with the corporation.
• The transfer agent will record and deal with all transfers of common shares of the corporation.
• This template form can be used in any province which has a Business Corporations Act.
• The Resolution template is available in MS Word format and is easy to download and use.

Succession planning is vital to the survival of small businesses. This Sole Proprietorship Buy-Sell Agreement can help ensure the continuity of yours.

What is succession planning?

Succession planning is a strategy to determine what will happen to your business when you retire, die, or become incapacitated. A succession plan sets out who will take over operating and managing the business, and how and when that transfer will take place. 

Scope of the Buy-Sell Agreement

This is a simple form of buy-sell agreement between the owner of a sole proprietorship and an employee who wants to purchase the business when the owner dies. Both parties want the business to continue to exist.

Key Points of the Agreement

• On the death of the proprietor, the executor or administrator of the estate will formalize the sale of the business to the employee.
• The employee will finance the purchase through proceeds of a life insurance policy on the life of the proprietor.
• The purchase transaction will include all real property, accounts receivable and other assets owned by the business.
• The parties will jointly determine the value of the business at the end of each fiscal year.

Format and Jurisdiction

This is a downloadable MS Word template from MegaDox.com. It is fully editable and can be customized to fit your specific requirements.

The form is generic legal contract and does not contain specific references to the laws of any country. It can be used in most common law jurisdictions.

If you are selling a real estate property and your buyer cannot qualify for a mortgage, you can carry all or part of the purchase price under the terms of this Contract for Deed for South Carolina.

• A contract for deed (also called a purchase money mortgage) allows a buyer to pay over time, with the seller carrying the balance until the last payment is made. Under the terms of this Contract, you as seller effectively become the mortgage lender.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.
• Available in MS Word format.
• Intended to be used only in the State of South Carolina.

Take out a mortgage on a home in South Carolina with this fixed rate mortgage form.

• The mortgage form contains standardized uniform (multistate) covenants under federal mortgage regulations.
• It also contains additional covenants specific to South Carolina law, including provisions for foreclosure, discharge and release once the borrower has paid in full, and a waiver of appraisal rights in the event of a foreclosure.
• This is a standard type of mortgage for single family dwellings. Available in MS Word format.

If you are selling property in South Dakota to a buyer who can't qualify for a mortgage, you can carry all or part of the purchase price with this Contract for Deed.

• A contract for deed (or purchase money mortgage) allows a buyer to pay over time, with the seller carrying the balance until the last payment is made. The seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.
• Available in MS Word format.
• Intended to be used only in the State of South Dakota.

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Take out a mortgage on a home in South Dakota with this 180-Day Redemption Mortgage.

• The mortgage form contains standardized uniform multistate covenants under federal mortgage regulations.
• It also contains additional covenants specific to South Dakota law, including provisions for foreclosure, waiver of homestead exemption, and an agreement that the mortgage will be subject to the One Hundred Eighty Day Redemption Mortgage Act.
• This is a standard type of mortgage for residential single family dwellings.
• Available in MS Word format.
• Intended to be used only in the State of South Dakota.

This Statement of Occupancy and Financial Status forms part of the documentation for a real estate purchase loan in South Dakota.

• The purchasers of the property must make the Statement and give it to the mortgage lender and to FHA, FNMA, FHLMC, or Department of Veterans Affairs (as applicable).
• The purchasers certify that they will occupy the property after closing.
• The purchasers also confirm that there has been no significant change to their financial status since their mortgage loan application.

The South Dakota Statement of Occupancy and Financial Status is a free form that you can download and fill in.

Land developers, get an extension of time to repay a mortgage loan on your development properties by inducing the lender to sign this Standstill Agreement.

• The lender agrees to stand still on recovering repayment of the borrower's mortgage for the time being, in return for which the borrower agrees to provide the lender further security for its indebtedness, including a foreclosure order on development properties on which the lender holds the mortgage.
• The borrower agrees to assign to the lender the proceeds from the sale of lots in the development.
• Each payment made by the borrower will entitle the borrower to an extension of thirty days to repay the indebtedness (to a maximum of 2 extensions).
• The status of the financing and the borrower's financial situation will be reviewed monthly by the lender.
• This is a generic legal document which is not specific to any country or region.
• This form is provided in MS Word format and is fully editable to fit your circumstances.