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Buy-Sell Agreements

A Buy-Sell Agreement can effectively be called a "Business Will". It is the instrument that is used to reallocate shares in a business if and when a shareholder dies or leaves the business. The Buy-Sell Agreement will detail the terms that the interest owned by the exiting member will be sold back to the company, or the members of the company, based on a certain formula. Without a Buy-Sell Agreement in place a business may face significant tax burdens if an owner dies or passes his interest on.