Most closely held businesses, whether organized as a C or S corporation, LLC or partnership, have (or should have) a buy-sell agreement. A buy-sell agreement addresses what happens to an owner’s interest in the business when the owner dies. Many of these agreements provide that the business may or must purchase the deceased owner’s interest. The business frequently purchases life insurance on each of the owner’s lives, the proceeds of which, upon the death of an owner, will be used to purchase.
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