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What is a Triggering Event?
A triggering event is any event that will cause the transfer of ownership interests in a company or business entity. Theoretically, our Tampa business attorneys and Tampa contract lawyers believe there are an infinite number of triggering events, depending upon the complexity of the buy-sell agreement.
However, the most common types of triggering events are (1) the death of a shareholder, partner, member or owner of the business, (2) the suffering of a disability by a shareholder, partner, member or owner of the business that renders such person incapable of providing services to the business, (3) the desire of a shareholder, partner, member or owner of the business to retire, (4) the divorce or marital dissolution by an owner, shareholder, partner or member from his/her spouse, (5) the inability of shareholders, partners, members or owners of a business to continue to work together or, in other words, a dispute among shareholders, partners, members or owners of the business that renders the business relationship unworkable.
Our Tampa business attorneys and Tampa contract lawyers pride themselves in drafting buy-sell agreements, shareholder agreements, partnership agreements and operating agreements with clear and precise provisions that aid a business owner in Tampa, Florida in knowing their exact rights in the event of an occurrence of a triggering event.
If you are in need of a Tampa business attorney, Tampa contract lawyer, Tampa lease lawyer or Tampa real estate attorney to review, negotiate or prepare your contract or buy-sell agreement, or to handle your business, real estate or commercial transaction, please feel free to contact us at any time.