As a business owner, the likelihood is high that you deal with a number of different types of contracts on a regular basis. If you are in a business partnership or the co-owner of a company, there is one type of contract in particular that should be of interest to you: a Buy-Sell Agreement.
Why A Business Contract Really Matters
We all come across a number of contracts in our day to day lives, both personal and professional, often without even realizing it. Shopping at your local grocery store and swiping your Visa at checkout means you are entering into a contract for a sale of goods. Chances are that you’ll never give this type of contract a second thought. In business, however, contracts – and their importance to the success of a particular deal, and the company overall – require much more consideration.
We’ve all heard the story of a relative or friend passing without leaving behind a will (specific instructions regarding the distribution of their assets). Most individuals leave behind some assets upon their death, such as a home, car, or savings account. The distribution of these assets is a process known as probate. If no will is available to outline the decedent’s wishes regarding who receives what, Arizona probate laws kick in to make those decisions for them.
The process of aging doesn’t only bring with it achy bones and increased forgetfulness. In more serious cases, individuals may reach a level of mental or physical incapacitation that adversely affects their ability to make decisions or perform basic activities.
1. A will is a written document that outlines what happens to a person’s property after their death.
2. To have a will, a person does not have to possess a large estate.