Do You And Your Business Partners Have A Buy-Sell Agreement?
Going into business with another person or multiple people can be unpredictable. Even a low-risk venture has the potential to encounter challenges should anything happen to one of the owners.
For this reason, it is vital to establish a contingency plan – such as a buy-sell agreement – between yourself and your partners. Let Lidia Law Firm, P.C., help you and your business partners prepare for both expected and unexpected life changes today.
What Exactly Is A Buy-Sell Contract?
Contrary to what the name would lead you to believe, buy-sell agreements are not centered around the buying or selling of a business.
In actuality, they are binding contracts that address:
- When you or your partners may sell your interests
- Who may buy yours or your partners interests
- What price these interests may be sold or purchased at
Similar to some estate planning documents, such an agreement may only go into effect once a serious life event occurs. This can include if you or another partner experience a divorce, become bankrupt, decide to retire, fall ill or pass away.
Start Protecting Your Business Today
Whether you have been in a long-term partnership or are just forming a business together, you can benefit from a buy-sell agreement. Without an agreement, you may be putting your financial health and that of your business at risk.
Talk to us today about how a buy-sell agreement can help you protect the future of your company. To find out more about our business law services, call 405-757-4861 or send us an email to schedule a consultation at our Edmond, Oklahoma, office today.