In this article, we explain buy-sell agreements for closely-held corporations, LLCs and Partnerships in Illinois. We answer the questions, "what is a buy-sell agreement?", "when shoudl busieness owners form a buy-sell agreement?", and "what types of events do buy-sell agreements cover?" We also discuss buy-sell agreements for the death or disability of a business owner, buy-sell agreements for limitations on the sale of an owner's stock, buy-sell agreements for involuntary termination of an owner's ownership interest, and using buy-sell agreements to plan for an owner's retirement.
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