Determine the Rules of the Game Upfront
Any business owner, whether they are the sole owner or in a partnership, should become knowledgeable about buy-sell agreements. In the event of financial problems, death, divorce, or retirement you do not want to be without one.
A well-prepared agreement will cover all bases including:
- Purchase or sale of stock
- Determine a Course of Action were problems to arise from finances, death, divorce, retirement, etc.
- Means of payment, who shares will be transferred to, and voting power.
The benefits of having an agreement goes far beyond the cost of drawing one up. Having set instructions will help prevent infighting between partners, spouses, and family members were any of the above mentioned events were to occur. An agreement will ensure the business remains intact and running as usual.
Partnership Buy-Sell Agreement
Any business can benefit from an agreement. Whether you are running a corporation, partnership, or LLC, it is a tool you need in your arsenal. For assistance with your buy-sell agreement, contact Greener Equity.