Download Free Buy-Sell Agreement Template for Tennessee
Plan for ownership transfer in a business
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BUY-SELL AGREEMENT State of Tennessee This Buy-Sell Agreement is entered into on [DATE] between: BUSINESS: [BUSINESS NAME] Type: [ ] Corporation [ ] LLC [ ] Partnership State: Tennessee (TN) 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 Tennessee law (TN Statutes). OWNER 1: _____________________ DATE: _____ OWNER 2: _____________________ DATE: _____
FAQ: Buy-Sell Agreement in Tennessee
Is a Buy-Sell Agreement required in Tennessee?
Yes, in Tennessee, a Buy-Sell Agreement is required for most transactions of this type. Under Tennessee State Code, the document must include all parties' information, be signed, and witnessed by 2 individuals. Failure to use a proper Buy-Sell Agreement may result in legal complications.
Does a Buy-Sell Agreement need to be notarized in Tennessee?
Notarization requirements in Tennessee (TN) vary by transaction type. Notary fees in the state typically range from $5. 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 Tennessee?
Tennessee has a base sales tax rate of 7%. Depending on the type of transaction documented in your Buy-Sell Agreement, additional local taxes may apply. Consult with a Tennessee tax professional for specific guidance on your situation.
Tennessee Buy-Sell Agreement Requirements
Review the following requirements to ensure your Buy-Sell Agreement is legally valid in Tennessee.
Tennessee Notarization
Tennessee requires 2 witnesses and notarization may be mandatory. Fees typically range from $5.
Before You Sign
Review all information carefully. In Tennessee, a 7% sales tax may apply.
Legal Protection
Keep copies of all signed documents. Tennessee law requires all parties to receive copies of executed documents.
Tennessee Filing Deadlines
Check Tennessee deadlines for filing or recording this document with the appropriate county clerk's office.
Buy-Sell Agreement Costs in Tennessee
Estimated fees and processing times
| Fee Type | Cost | Notes |
|---|---|---|
| Notary Fee | $5-$15 (if required) | Tennessee standard rate: $5 |
| Filing Fee | Varies by state | State registration (if applicable) |
| Processing Time | 1-3 business days | Typical turnaround in Tennessee |
| Sales Tax | 7% | Tennessee base rate (local taxes may apply) |
| Witness Requirement | 2 witnesses | Tennessee requires multiple witnesses |
| Our Template | FREE | Download instantly, no cost |
Tennessee Buy-Sell Agreement Legal Guide
According to Tennessee laws, this agreement holds legal weight once properly signed and notarized, ensuring compliance with state regulations.
Under Tennessee State Code, residents of Tennessee must ensure this Buy-Sell Agreement complies with all state requirements. The current sales tax rate is 7%, and notarization costs between $5. Two witnesses are mandatory in TN.
This document offers comprehensive legal protection tailored specifically to Tennessee's unique statutory framework.
Your Tennessee Filing Guide
After downloading, take your time filling in each section. TN statutes require that all information be accurate and current. Once signed by all parties, determine whether Tennessee requires you to file the document with a government office, record it with the county, or simply retain it for your records.
Enforceability in Tennessee
A Buy-Sell Agreement that meets all TN requirements is fully enforceable in Tennessee. Courts in Tennessee have consistently upheld documents that demonstrate clear intent, proper execution, and compliance with state formalities. Keep your original signed copy in a secure location.
Avoid These Common Mistakes
Tennessee attorneys frequently see these errors:
- Using an out-of-state template that doesn't comply with TN law
- Forgetting to include required witness signatures
- Leaving fields blank or using abbreviations
- Not retaining copies for personal records
- Failing to update documents when Tennessee law changes
What Tennessee Law Requires
Tennessee's statutes are clear: a valid Buy-Sell Agreement must identify all parties by full legal name, include the date of execution, and be signed in the presence of a notary public where applicable. Failure to meet these requirements under TN law can render the document unenforceable.
A Buy-Sell Agreement that meets all TN requirements is fully enforceable in Tennessee. Courts in Tennessee have consistently upheld documents that demonstrate clear intent, proper execution, and compliance with state formalities. Keep your original signed copy in a secure location.
Avoid These Common Mistakes
Tennessee attorneys frequently see these errors:
- Using an out-of-state template that doesn't comply with TN law
- Forgetting to include required witness signatures
- Leaving fields blank or using abbreviations
- Not retaining copies for personal records
- Failing to update documents when Tennessee law changes
What Tennessee Law Requires
Tennessee's statutes are clear: a valid Buy-Sell Agreement must identify all parties by full legal name, include the date of execution, and be signed in the presence of a notary public where applicable. Failure to meet these requirements under TN law can render the document unenforceable.
Tennessee's statutes are clear: a valid Buy-Sell Agreement must identify all parties by full legal name, include the date of execution, and be signed in the presence of a notary public where applicable. Failure to meet these requirements under TN law can render the document unenforceable.
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 Tennessee has been reviewed for accuracy and legal compliance.
Last reviewed: March 2026
Where to File Your Buy-Sell Agreement in Tennessee
Visit your local County Clerk office to file or notarize your Buy-Sell Agreement.
Tennessee County Clerk
Tennessee Capital
Main Government Building, Tennessee
District County Clerk
Tennessee Metro Area
County Courthouse, TN
Other Forms in Tennessee
Buy-Sell Agreement in Neighboring States
Document Information
- Document
- Buy-Sell Agreement
- State
- Tennessee (TN)
- Category
- Business
- Format
- PDF / Word / Print
- Cost
- 100% Free
- Sales Tax
- 7%
- Notary Fee
- $5
Tennessee 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 Tennessee may change. Consult a licensed attorney for advice specific to your situation.