The death or disability of a business partner can destroy families, ruin friendships, close businesses and eliminate jobs. But, fortunately, having a buy-sell agreement in place can help businesses owners, their friends and their families avoid such cataclysmic results.
A buy-sell agreement is a legally binding document that allows for the orderly transfer of business from a deceased partner to the surviving partners. It compensates the estate of the deceased partner, allows the business to keep operating and secures the jobs of its employees.
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