Is a corporate meeting a legal document even if its not signed. We talked about price on the sale of business?

Answer 1

Did the owner of the Company and the possible purchaser, initial the document anywhere? Was there someone else in the meeting who could act as a witness? Is this a large Company purchase you are talking about?

If this is simply a discussion for the sale of a Corner store to an interested party, signing the minutes of discussion isn't a necessity. If you have however, taken the time to record this meeting as conducting business under a Corporate entity, then once it is part of the Minutes Book, it becomes official and legal documentation, signed or not. However, Minutes of Corporate meetings are normally endorsed by the President, Secretary and or Treasurer if these officers are involved in the meeting. Under most meetings the President and Secretary are usually present, therefore the business conducted becomes legal documentation once annotated.

Revisions, agreements etc, at future meetings that involve decisions, offers or tentative purchase discussions should be at least initials in key areas. In past business conduct when laptops weren't the norm, business meetings were unable to be set up as efficiently as they can be today.

When I was CEO our meetings were annotated in writing and transcribed for entry into our Minutes Book after the fact and we didn't collect signatures from the outside parties unless the business discussed would impact on the Company or its environs in a way that could result in a large purchase/expansion or reduction in our Company as a whole based on our initially allowed allotments, or would result in a change of hands in any major area (CEO/President, ownership, Shareholder etc) If those instances arose, the minutes would be typed while the client was provided refreshments, conducted his own phone business etc. Then the typed minutes would be reviewed by all parties involved and initials would be provided in key areas (i.e. where the discussion related to purchase price in this case and/or tentative agreements, conditions etc).

Today, laptops allow the Secretary to key in directly for printing to the Conference room printer...making the whole procedure a pretty quick one and all in one simple step.

If you didn't get this done (I am speaking from a Corporate view not that of a small business) don't sweat it.

The main discussions where the seller/purchaser are getting down to true negotiations is where it will count because you will be providing these minutes to your lawyer for refinement and review of legalities to ensure your best interests are looked after. The other party will be doing the same using the copy of that document that you provide (or are provided with if you are the purchaser), to be used to present to a lega representative.

It's the final agreements that you will want to be picky with...to ensure that all parties are covered.

Good luck

Answer 2

Not exactly. However, it could document a verbal agreement. For example, if the guy promised you the business would cost a specific amount and you documented this, he is bound by the verbal agreement the same as if you put it in writing. Especially if you made a good faith bid (ie put up some money to hold your position). However, this can't be vague and general talk. You must have negotiated a price in good faith (ie you both intended and specifically negotiated a binding price).

Answer 3

Non-compete agreements are immediately ahead in a lot of professions, and in case you do not signal, you probable received't keep the interest. yet 5 years is a a lot longer than widely used time - i ought to examine with a attorney no matter if it is official. One or 2 years is more effective immediately ahead.