It is important for small business owners to consider the consequences and retain a lawyer if one of the owners dies or becomes incapacitated. Such events may jeopardize the continued management or operation of the business. Additionally, the economic effect on the surviving or continuing owners, as well as the family of the departing owner, needs to be taken into account by a New York City business lawyer.
Buy-sell agreements between business owners in New York City and elsewhere are designed to resolve these types of situations. Simply stated, these agreements provide procedures whereby one owner or the business itself can purchase the interest of the departing owner. As a result, the operation of the business is not interrupted and the departing owner or his or her family can obtain a payment for his or her interest in the business. Such a payment may not be available in an open market.
Please come in to my office for a free consultation with a New York City attorney and meet with me to discuss your options regarding a buy-sell agreement. To contact my office located in Manhattan call (212) 355-2575 or fill out my contact form if you need the advice of a lawyer.