When starting a business, having a partner brings some obvious benefits over going it alone, but what happens if both individuals decide to eventual go their separate ways or one faces a life-altering event or death? A buy-sell agreement can plan for any of those happenings, among a long list of others. In general terms, a buy-sell agreement is an agreement between the owners of the business that, upon the occurrence of a triggering event, a departing owner will sell his interest in the business to the remaining owner based upon pre-determined terms. The benefits of buy-sell agreements are plentiful and with proper planning and consideration, they can be a valuable piece of a business owner’s estate plan. Before jumping in head first, here are six things to know:
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