Buy-Sell Agreement

An agreement under which interests in a partnership, limited liability company, or corporation will be purchased by the other owners or by the entity when an owner dies or another triggering event occurs. The agreement may be a cross-purchase agreement (i.e., one that calls for the other owners to purchase the interest of a deceased party) or an entity-purchase agreement (i.e., one that calls for the corporation or partnership to purchase the decedent’s interest.)

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