BUSINESS BUY SELL AGREEMENT & SUCCESSION PLANNING – LIFE INSURANCE!
Whether Personal or Business life insurance, same can often be used for buyout and or a buy-sell agreements, as well as other related agreements and provisions. Business life insurance can support your business financially if something happens to you or other members and or partners. There are several different types of life insurance policies that can be used for “business life insurance” and also provide the coverage you or your operating entity needs to protect the business as well as the heirs. As to the amount of life insurance, you can use an amount set forth within the operating agreement, buy-sell agreement or other agreement. You may set forth the insurance amount as per the operating agreement, buy-sell agreement or the amount of the business valuation. This can be reviewed, assessed and adjusted annually as so needed. To protect your business and interest with life insurance, you can consider the bylaws or operating agreement terms, conditions and provisions to decide as to paying the death benefit to chosen beneficiaries, such as the entity, other LLC members, or the deceased family members to support them. Contact us as your attorney to review and address business matters anytime.
DiMedio Law is a New Jersey Business & Real Estate law firm whose practice includes business services, exit planning matters as well as personal estate planning matters as well . Contact us at [email protected] or call us at 856-428-5577.
