For businesses structured with partnerships… Have you bought partnership protection?
If you have a business partner/s, and you do not have a written agreement covering succession plans for your business, then quite simply your business is at risk. With no written agreement, it’s highly likely that the estate of the deceased will receive the shareholding of the business.
A written agreement between partners is essential. This type of agreement can establish what occurs if a business partner is disabled, can no longer work or passes away.
Partnership Protection offers the following benefits:
- Fund a buy / sell agreement documenting an agreed price (business will)
- Guarantees the orderly, equitable and certain transfer of ownership
- Maintains control of the business for the future
- Protects their entitlement to profits and the value of the business; and
- Ensures the exiting owner receive fair value for their interest
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