A(n)________ is a contract that co-owners often rely on to ensure the continuity of a business.

Question

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A buy/sell agreement is a contract between co-owners that outlines what will happen to the business in the event that one owner decides to leave, dies, or becomes incapacitated. It typically includes provisions for the purchase of the departing owner's share of the business by the remaining owner(s). This helps ensure the continuity of the business and avoids potential disputes or disruptions. Irrevocable trusts, trusts, and GRATS are all estate planning tools that have different purposes and are not specifically designed to address co-ownership of a business.

A(n)________ Is a Contract That Co-Owners Often Rely on to Ensure