Search

Why your co-owned business needs a prenup: Buy-Sell Agreements

Do you know what will happen to your business if your partner leaves or passes away? What about if you become disabled? Most business owners cannot definitively answer this question because they do not have a “business prenup” or “business will”- more formally known as a Buy-Sell Agreement.

A Buy-Sell Agreement includes provisions for death, disability, retirement, divorce, and voluntary and involuntary transfers (including sales and bankruptcy) of a company. The agreement sets forth how the owners of a business can sell their interests, who they can sell them to, when they can sell them, and how much they can sell them for. This is necessary- no matter who you are in business with! Without provisions that address these kinds of issues, owners are faced with increased financial risk. Protect your interests! Any honeymoon period can end- one way or another- secure your business prenup today!

P: 248-395-3699 E: attyinfo@cg-legal-solutions.com

**Please be sure to read the disclaimer section on our site!

Recent Posts

See All

BEWARE of the personal guarantee!

It is common for owners of new companies to be asked to sign a personal guarantee for anyone extending “credit”. Landlords, Suppliers, Financial Institutions and any other sources that may extend “cre

Corktown Office | 2020 14th Street, Suite 101, Detroit, MI 48216

admin@gllegalgroup.com  |   (313) 752-0235

  • GLLG Facebook
  • GLLG Twitter
  • GLLG Instagram
  • GLLG LinkedIn
  • GLLG YouTube

Oakland County Office | One Towne Square, Ste 1835, Southfield, MI 48076

admin@gllegalgroup.com  |   (248) 717-7777

© 2020 by Great Lakes Legal Group, PLLC