Take Control Control of The Future of The Business.
If you have one or more
"partners" in your business, whether it is a corporation or limited liability
company, in most cases you should have a buy-sell agreement. If there are more
than two persons, the shareholder agreement should deal with other issues, such as quorum and voting
requirements and employment agreements with minority shareholders or members.
A thorough
shareholder
agreement or limited liability company agreement
will deal with loss of income to a disabled principal, eventual buy-out of such a disabled person, death of
a principal, and loans to the business personally guaranteed by the principals.
You can't stand being bugged by an aggressive insurance salesperson or being nagged by your lawyer or accountant. Your children are still in high school or college and you're not sure whether at least one child will want to come into the business. You have no idea what the business is worth or how to find out. You get morose when you think about your becoming too sick or disabled by accident to work. You're only 53, too young to worry about dying . In fact, the last time you updated your will was 15 years ago when your last child was born. So you have procrastinated and haven't even started to look into having a "buy-sell" agreement.
Want to know what might happen if you or your
"partner" gets unlucky? Well, if you want to get an idea of the misfortunes this
can cause you, your loved ones, your "partner" and his or her loved ones and the
businesses, click here for the Case Study: Mel and Len, The
Mel-Len Corporation.
