When you have a small business with partners you should have a set of comprehensive agreements that include bylaws, operating agreements and buy/sell agreements.
A buy/sell agreement is necessary for an orderly closure or transfer of business interests.
Not all people can continue in the same business venture forever. Death, divorce, individual bankruptcy, disability or disinterest can cause a business venture to fail unless the parties have a comprehensive buy/sell agreement.
- Operating agreements
- Corporate bylaws
- Business succession agreements