Buy-Sell Insurance Quote A buy-sell agreement is a legally binding
contract
which
protects the interests of the company’s owners and permits the business
to continue in the event of the death, disability, or retirement of a business
owner. A buy-sell agreement, commonly referred to as buy-sell arrangement, is
drafted by an attorney and can be implemented with all forms of companies including,
partnerships, limited liability companies, and corporations. A buy-sell plan
can be thought of as a written agreement to help a business navigate a successful
business transition.
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Types of Buy-Sell Agreements
A buy-sell agreement is a legally binding document
that stipulates what will happen to a business when a business owner
or partner becomes disabled, dies, retires or decides to sell his or
her interest in the company. Buy-sell planning is an extremely important
part of long term business continuation planning. The common types of
buy-sell plans include the stock redemption agreement or entity plan,
the cross purchase buy-sell agreement and the wait-and-see buy-sell
agreement.
Key
Provisions of a Buy-Sell Agreement
