A Buy-Sell Agreement, sometimes also called a shareholder’s agreement is a legally binding agreement among the shareholders (of a corporation) or interest holders (with a limited liability company) or partners (with a general partnership)...

There are several reasons for business owners to enter into buy-sell agreements with their partners or co-shareholders: (1) to create a market for the owner’s business interest at certain triggering events such as death, disability or retirement; (2) to facilitate a smooth transition of management and control for the surviving or remaining owners; (3) to provide a mutually agreeable price and terms (so as to avoid litigation and friction); (4) to establish the value of the business for estate tax purposes; and (5) to provide the family of a deceased owner with liquidity rather than a non-marketable business interest...

If you own a business, odds are the business represents a sizable portion of your estate Therefore, planning for the orderly disposition of the business is an important planning consideration...