How Do I Keep My Business Going in the Event of the Loss of a Partner?

A Video FAQ with Mark A. Williams.

It is usually important if you have partners in a business to have some type of buy-sell agreement. Partners should agree on what happens if one of them passes away, becomes disabled, or simply doesn’t want to work anymore. Usually you can fund these types of situations through insurance or through the company saving up so that if a partner does want to walk away from the business the other partner can purchase the interest and keep the business going. There are a lot of other ways to do it, but sometimes for simplicity it’s best to think about when two people come together for a partnership, you need to decide what is going to happen when they don’t want to work together anymore.

© 2014 Parsonage Vandenack Williams LLC

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