Whenever a corporation has more than one shareholder, it is generally recommended that the shareholders enter into a buy-sell agreement. These agreements are put in place to be prepared in the event of a shareholder’s death, disability or illness and the consequences of such events. It might also cover a marital breakdown where an partner’s spouse has, or has become entitled to an interest in the business, personal insolvency of a partner, or any illegal actions by one of the partners. These agreements also cover retirement planning, matters of conflict with other shareholders or any other circumstances that are specific to them.
The agreement can provide for a smooth transfer of the business interest, avoiding potential disputes about the need for the sale/purchase, the price and other terms of sale. Incorporating Buy-Sell Insurance in these matters protects all parties from financial loss. Buy-Sell Insurance provides funds for buying out the ownership interest of a partner in the event there is a death or disability. Without such protection, the remaining partners are challenged with either having to deal or work with the partners’ spouse who may have no interest or knowledge about the company, or find the funds to buy out that share from personal funds. If the departed partner’s family requires immediate compensation for their shares, they won’t necessarily have time to wait weeks or months for funding to become available to the surviving partner. Furthermore, what if the departed partner was integral to the smooth operation of the business, and may now put the operation in jeopardy. Would the compensation be worth more?
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