A Buy-Sell Agreement is a legally binding document that ensures that a business or a fraction of the business gets redistributed in the event that the business owner becomes unfit to run the business for specific reasons, mainly associated with death. Planning such an agreement ensures that the business has a clear strategy and plan of what to do if such an event occurs. In the absence of such an agreement, a business can face multiple issues regarding finances and legal questions.
The main purpose of such an agreement prevents new business partners from being added to a company that may not know, understand, or care about the business - which could have obvious catastrophic effects on a business. Imagine a situation where a business partner passes away and their share of the business is inherited by one of their relatives. The agreement ensures that standard business operating tasks will still be carried out as planned.
A Buy-Sell Agreement template can be downloaded by clicking the link below.
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