A “buy-sell agreement” is a legally binding agreement for the sale or purchase of some interests in a business under certain defined circumstances. These circumstances may include:
- selling interests in the business;
- retirement; or
- acquiring a new owner.
The important terms of the transaction are typically memorialized in a document entitled “buy-sell agreement.”
It is important to have an experienced attorney review your buy-sell agreement to make sure your interests (as either the seller or the buyer) are protected.