Business Contracts
Stock Purchase Agreement
Connecticut
Stock purchase agreement and stock transfer restrictions?
I am a business owner looking to purchase a company that is currently owned by another individual. I have received a stock purchase agreement and am looking to understand the stock transfer restrictions associated with the agreement. I am hoping to understand the restrictions that will be placed on me as part of the agreement, as well as any restrictions that the current owner may have to abide by.
1 Attorney answer
Answer
Business Contracts
Connecticut
Thomas L.
ContractsCounsel verified
Generally, the common restriction is a right of first refusal, meaning if you later sell the stock, you have to allow the prior owner an opportunity to buy the stock back. In contrast, you would usually impose a non-compete on the seller.
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