Co-owners of closely held businesses often tend to place all their focus on day-to-day business operations while neglecting important long-term aspects of the business. One such long-term aspect is the establishment and funding of a buy-sell agreement between co-owners, which protects their interests by specifying how control of the business can be transferred. This article discusses the key elements of buy-sell agreements: what they are, why they are important, and how they are funded.
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