When you are in a partnership business (whether it is a corporation or partnership) you have the talent of two or more people that drives the business.
The success of a business enterprise takes the expertise of all.
The lesson in mortality is that, as Steve Job said, "Death is life's greatest invention."
If one of the partners in a business passes away there has to be a way for the ownership of this partner to pass on to the existing partners and for the family of the deceased partner taken care of fairly.
All business people who are in partnership with others must address this very critical issue with the help of a Buy-Sell Agreement.
A buy-sell agreement helps resolve this matter in a remarkable way by making sure that the business has adequate cash available to manage such situation, whenever it arises.
We are glad that many of our clients have taken this matter seriously and have taken care of this detail in their partnership.
We are working with some others who are actively working on putting together an arrangement for partners to take over the shares of the deceased partner with adequate compensation to the family of the deceased.
If you have tax questions visit www.OnlineTaxConsultant.com
If you would like us to help you with your taxes, retirement planning and business succession planning visit www.AMoraniCPA.com
