Buy Sell Agreements
A buy sell agreement is contract between shareholders or numerous owners that governs what happens if one of the co-owners dies, leaves the company or becomes disabled and no longer contributes to the business. It is a binding legal document drawn up by a lawyer.
An insured buy sell agreement is used when one of the owners dies and the executor of the deceased shareholder sells his interest in the company and they are bought by the remaining owners or shareholders from the proceeds of a life insurance policy. Details on who pays the insurance premiums can be discussed with me when setting up the agreement. Details on the structure of the agreement should be discussed with your lawyer.
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