A buy-sell agreement is a legal document that outlines the terms and conditions of a transfer of ownership in a business. This agreement is important for business owners because it protects their interests in the event of an unexpected event that may impact their ability to manage the business.
A buy-sell agreement can be triggered by a number of events, such as the death of an owner, divorce, or disability. It is designed to ensure that the remaining owners or the business itself can buy out the interests of the departing owner at a fair price.
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