A Buy-Sell agreement is a legally binding arrangement between business partners that guarantees how a turn of events such as a death, divorce, or retirement of one of the business partners permits the business to carry on proficiently. A Buy-Sell agreement expresses the “who, what, when, where, and why” obstacles that derive.
Buy-Sell Agreement
Key Person Insurance is a life insurance policy on key individuals or valuable employees within the company who are crucial to the company’s survival. The employing firm pays insurance premiums on these individuals and is the beneficiary of the policy. This type of insurance provides insurance payoffs to cover debt expenses and gives the company time to find a replacement.
Life Insurance
Life insurance is an agreement between you and an insurance company. You pay them a monthly payment, and if you die, the insurance company agrees to pay a specific amount of money a life insurance payout to who you choose.