You and your partner seem to be on a hot streak at the moment. Right now, you can’t see an end in sight. Even if you were childhood best friends, you need to create a plan for all possible outcomes. What if one of you unexpectedly passes away? Have you created a contingency?
What if they are injured, get sick, or just want to quit? Buy-Sell Agreements cover all voluntary or involuntary possibilities and make sure everyone involved is taken care of. Through mutual life insurance policies, each partner becomes the other’s beneficiary. In the event of death, the Buy-Sell Agreement will cover a tax free amount of money awarded to the deceased partner’s family. The surviving partner may even be able to get a certain amount to carry the business for a little while.
Death and business are two factors of life that require a keen attention to detail. There’s a lot of money to be gained and/or spent in either faculty. Be sure that you know how to properly manage your funds by clicking here to subscribe to the Professor Savings channel on YouTube.