When a business partner becomes disabled, retires, dies or wants to sell his business interest, issues with the business finances and tax may arise. A buy-sell agreement is necessary in this situation.
A buy-sell agreement is also known as a buyout agreement in which the owners of a specific business agree on what happens in the event that something happens to one partner, such as disability, death, retirement or selling of shares. This agreement encompasses the event trigger, the person/s who will inherit or buy the shares and the amount.
Drafting a buy-sell agreement can be a long and tedious process. Agape Business & Social Services specialize in this process and we will get the job done for you. Call us at 763-703-5986 today for more details.