Official Minnesota Buy-Sell Agreement Form | Step-by-Step Guide
Plan for ownership transfer in a business
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BUY-SELL AGREEMENT State of Minnesota This Buy-Sell Agreement is entered into on [DATE] between: BUSINESS: [BUSINESS NAME] Type: [ ] Corporation [ ] LLC [ ] Partnership State: Minnesota (MN) OWNERS: Owner 1: [NAME] — Ownership: [PERCENTAGE]% Owner 2: [NAME] — Ownership: [PERCENTAGE]% 1. TRIGGERING EVENTS: [ ] Death of an owner [ ] Disability of an owner [ ] Retirement [ ] Voluntary withdrawal [ ] Divorce [ ] Bankruptcy 2. VALUATION METHOD: [ ] Fixed price: $[AMOUNT] (reviewed annually) [ ] Formula-based: [DESCRIBE] [ ] Independent appraisal 3. PAYMENT TERMS: [ ] Lump sum within [DAYS] days [ ] Installments over [MONTHS] months at [RATE]% interest 4. FUNDING: [ ] Life insurance [ ] Company reserves [ ] Promissory note 5. RIGHT OF FIRST REFUSAL: Remaining owners have [DAYS] days to match any outside offer. This agreement is governed by Minnesota law (MN Statutes). OWNER 1: _____________________ DATE: _____ OWNER 2: _____________________ DATE: _____
Jennifer Rodriguez, J.D.
Estate Planning Attorney
Licensed in 5 states, 12+ years experience
Focuses on wills, trusts, and power of attorney documents
This Buy-Sell Agreement template for Minnesota has been reviewed for accuracy and legal compliance.
Last reviewed: March 2026
Buy-Sell Agreement Costs in Minnesota
Estimated fees and processing times
| Fee Type | Cost | Notes |
|---|---|---|
| Notary Fee | $5-$15 (if required) | Minnesota standard rate: $5-$10 |
| Filing Fee | Varies by state | State registration (if applicable) |
| Processing Time | 1-3 business days | Typical turnaround in Minnesota |
| Sales Tax | 6.875% | Minnesota base rate (local taxes may apply) |
| Witness Requirement | 1 witness | Single witness sufficient |
| Our Template | FREE | Download instantly, no cost |
Minnesota Buy-Sell Agreement Requirements
Review the following requirements to ensure your Buy-Sell Agreement is legally valid in Minnesota.
Minnesota Notarization
While notarization may not be required in Minnesota, it is recommended. Fees range from $5-$10.
Before You Sign
Review all information carefully. In Minnesota, a 6.875% sales tax may apply.
Legal Protection
Keep copies of all signed documents. Minnesota law requires all parties to receive copies of executed documents.
Minnesota Filing Deadlines
Check Minnesota deadlines for filing or recording this document with the appropriate county clerk's office.
Minnesota Buy-Sell Agreement Legal Guide
In Minnesota, this document is legally binding under local statutes and provides essential protection for both parties involved in the transaction.
Pursuant to Minnesota State Code in Minnesota, this Buy-Sell Agreement must meet specific criteria. The applicable sales tax is 6.875%. Notarization, which costs $5-$10 in MN, is strongly recommended. 1 witness is needed.
By utilizing this state-specific template, you avoid common mistakes that could invalidate your document in Minnesota.
How to Complete This Form
Start by gathering all necessary information: party names, addresses, and relevant details specific to your transaction. Minnesota law under MN requires accuracy in every field. Once completed, have all parties review the document before signing. Depending on the transaction type, Minnesota may require notarization or witness signatures.
Avoid These Common Mistakes
Minnesota attorneys frequently see these errors:
- Using an out-of-state template that doesn't comply with MN law
- Forgetting to include required witness signatures
- Leaving fields blank or using abbreviations
- Not retaining copies for personal records
- Failing to update documents when Minnesota law changes
Enforceability in Minnesota
A Buy-Sell Agreement that meets all MN requirements is fully enforceable in Minnesota. Courts in Minnesota have consistently upheld documents that demonstrate clear intent, proper execution, and compliance with state formalities. Keep your original signed copy in a secure location.
Meeting Minnesota's Legal Threshold
For your Buy-Sell Agreement to hold up in a Minnesota court, it must satisfy the state's statutory requirements. MN law emphasizes clear language, mutual consent, and proper execution. We've built these requirements directly into our template.
Minnesota attorneys frequently see these errors:
- Using an out-of-state template that doesn't comply with MN law
- Forgetting to include required witness signatures
- Leaving fields blank or using abbreviations
- Not retaining copies for personal records
- Failing to update documents when Minnesota law changes
Enforceability in Minnesota
A Buy-Sell Agreement that meets all MN requirements is fully enforceable in Minnesota. Courts in Minnesota have consistently upheld documents that demonstrate clear intent, proper execution, and compliance with state formalities. Keep your original signed copy in a secure location.
Meeting Minnesota's Legal Threshold
For your Buy-Sell Agreement to hold up in a Minnesota court, it must satisfy the state's statutory requirements. MN law emphasizes clear language, mutual consent, and proper execution. We've built these requirements directly into our template.
For your Buy-Sell Agreement to hold up in a Minnesota court, it must satisfy the state's statutory requirements. MN law emphasizes clear language, mutual consent, and proper execution. We've built these requirements directly into our template.
FAQ: Buy-Sell Agreement in Minnesota
Is a Buy-Sell Agreement required in Minnesota?
Yes, in Minnesota, a Buy-Sell Agreement is required for most transactions of this type. Under Minnesota State Code, the document must include all parties' information, be signed, and witnessed by at least one individual. Failure to use a proper Buy-Sell Agreement may result in legal complications.
Does a Buy-Sell Agreement need to be notarized in Minnesota?
Notarization requirements in Minnesota (MN) vary by transaction type. Notary fees in the state typically range from $5-$10. While not always mandatory, notarization adds an extra layer of legal protection and is recommended for high-value transactions.
What are the tax implications of a Buy-Sell Agreement in Minnesota?
Minnesota has a base sales tax rate of 6.875%. Depending on the type of transaction documented in your Buy-Sell Agreement, additional local taxes may apply. Consult with a Minnesota tax professional for specific guidance on your situation.
Where to File Your Buy-Sell Agreement in Minnesota
Visit your local County Clerk office to file or notarize your Buy-Sell Agreement.
Minnesota County Clerk
Minnesota Capital
Main Government Building, Minnesota
District County Clerk
Minnesota Metro Area
County Courthouse, MN
Other Forms in Minnesota
Buy-Sell Agreement in Neighboring States
Document Information
- Document
- Buy-Sell Agreement
- State
- Minnesota (MN)
- Category
- Business
- Format
- PDF / Word / Print
- Cost
- 100% Free
- Sales Tax
- 6.875%
- Notary Fee
- $5-$10
Minnesota Legal Requirements
Governing Statute:
State Law
- ✓Consult with a licensed attorney for specific requirements
Legal Disclaimer
This template is for informational purposes only and does not constitute legal advice. Laws in Minnesota may change. Consult a licensed attorney for advice specific to your situation.