Do you have a business with a partner, maybe an LLC or a partnership? If you do, you need a buy sell agreement. In business, we often enter into agreements with other parties thinking only the best, but what happens if that doesn’t come about? Or worse, what happens if a partner’s death results in you now dealing with their spouse who might not understand or be as inclined to operate the business in the same manner?This is why you need an Arkansas Buy Sell Agreement. Simply put, a buy sell agreement clearly spells out the process that one would take if one of the partners of the business were no longer able to continue to function in the same manner at which they had previously been functioning. This can be because of death or a disability of one of the owners or a significant event such as a divorce. This would create a situation where a divorce court would attempt to split the ownership interest of the business in the property settlement agreement between the spouses.
Protect yourself and your business with a Buy Sell Agreement.