Buy-Sell Agreements in a Succession Plan
You are in business with one or more business ‘partners’. Most likely all of the business owners are involved in the day to day running of the business. But what happens if you or they die or retire from the running of the business? Here we set out some of the problems you may encounter unless you have a proper business succession document (often called a Buy/Sell Agreement). We also set out some of the options and issues in putting in place a proper Buy/Sell Agreement. These issues are the same regardless of whether your business is run via a company, unit trust or partnership.
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