Does your business have a plan if one of your partners dies, is disabled or wants to leave the business? It should. As soon as a business partnership has an intrinsic value, it’s important to protect that value for each individual partner. A Buy-Sell Agreement can specify trigger events, voluntary or involuntary, and contain all the terms for a situation when a departing partner wants to protect his or her value in the partnership. Such agreements are additional to the business agreements of an LLC or Corporation.
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