A buy sell agreement between business partners is an agreement that is made on the transfer of property in case a major share holder of the business passes on. This is where the surviving share holders can be given the shares of their partner who is dead. There are a number of ways this can be made possible through several ways. You can fund the payments of the business with life insurance. The share holder can also decide to sell their shares to his partners and the money is given to a beneficiary.
One should seek the advice of a professional consult so that they can get all the details right so that they will not have any problems in the future. If you are using life insurance you should get competent insurance lawyers to advise you on the best polices to take. This agreement sort of acts like a will between the share holders of a company. It does not have to be between business partners as one can leave their shares to another benefactor such as wife to handle his shares when his gone.
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