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Covenant Not To Compete (7 Pages)

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Description

This is a Form of Covenant Not to Compete. It is intended to be used in conjunction with a Stock Purchase Agreement in which the Sellers of a business are to be paid for the business, and also for their promise not to compete with the business in a designated geographical region for a set amount of time. This Agreement is intended to protect the Purchaser of the business from the unwanted competition of the Sellers after the business has been acquired.

In order to be enforceable, a non-competition agreement must be reasonable in scope and duration. If it can be confined to a reasonably defined geographical area, the Seller cannot claim that it has become impossible for him/her to earn a living. The Purchaser is given the option of remedies of monetary damages and/or the equitable relief of an injunction. The latter remedy is most important to allow the Purchaser to act quickly if there is a perceived breach in order to protect its interests.

Author:
Steven G. Siegel is president of The Siegel Group, a Morristown, New Jersey - based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. Mr. Siegel holds a BS from Georgetown University, a JD from Harvard Law School and an LLM in Taxation from New York University.

He is the author of several books, including: Planning for An Aging Population; Business Entities: Start to Finish; Taxation of Divorce and Separation; Income Taxation of Estates and Trusts, Preparing the Audit-Proof Federal Estate Tax Return, Putting It Together: Planning Estates for $5 million and Less, Family Business Succession Planning, Business Acquisitions: Representing Buyers and Sellers in the Sale of a Business; Dynasty Trusts; Planning with Intentionally-Defective Grantor Trusts; The Federal Gift Tax: A Comprehensive Analysis; Charitable Remainder Trusts, Grantor Trust Planning: QPRTs, GRATs and SCINs, The Estate Planning Course, The Retirement Planning Course, Retirement Distributions: Estate and Tax Planning Strategies; The Estate Administration Course, Tax Strategies for Closely-Held Businesses, and Tort Litigation Settlements: Tax and Financial Issues.

Mr. Siegel has lectured extensively throughout the United States on tax, business and estate planning topics on behalf of numerous organizations, including National Law Foundation, AICPA, CCH, National Tax Institute, National Society of Accountants, and many others.  He has served as an adjunct professor of law at Seton Hall and Rutgers University law schools.
The Siegel Group provides consulting services to accountants, attorneys, financial planners and life insurance professionals to assist them with the tax, estate and business planning and compliance issues confronting their clients. Based in Morristown, New Jersey, the Group has provided services throughout the United States. The Siegel Group does not sell any products. It is an entirely fee-based organization.
Contact the Siegel Group through its president, Steven G. Siegel, e-mail:
steve@siegel.net.

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