If you have a partner in business, whether it be family or a friend you have known for a long time, its very important for you to have insurance in the event of death or disability. With the proper protection, you can buy out your partner’s interest without having to take out a loan or liquidate company assets. This is very important where children and taxes are involved.
Buy-Sell Protection is a legal agreement binding the business owners and outlining what will happen should one of you die unexpectedly. It covers various topics, for example how your business will be valued, how surviving owners could purchase interest in the company and who’s left to run the part that the other leaves behind.
A buy-sell protection agreement ensures some of the following:
- That your loved ones will be taken care of
- Your business will continue to operate
- Your business interests will be sold at a fair price
- Your business and the employees have a secure and stable future if something was to happen
Want to learn more? Give Flatlands Jessup a call today and we can walk you thru the options.