First, you should check your legal agreement. Your legal agreement dictates how your business operates, including provisions like governing structure, owner responsibilities and financial matters, among others. In some cases, your agreement will address what happens to your business interest in the event of certain occurrences. In others, however, your agreement will not cover all of the situations required to truly protect you and your business interest. This is where a separate legal agreement (buy-sell agreement) – addressing your death, disability and retirement – is critical.
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