A buy-sell agreement is a formalized business continuation plan that is designed to provide for the orderly disposition or continuation of an individual’s ownership in a business. The buy-sell agreement allows the holder of a business interest to enter into an agreement that will provide for the future sale of that interest should death, disability or retirement occur. Under the terms of the buy-sell agreement, the specified buyer is legally obligated to purchase the interest, and the interest holder or his/her estate is legally obligated to sell the interest upon the occurrence of one or more specified events.
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