Legal Question in Business Law in Indiana
llc business
I have a partnership in a LLC company and would like to protect my wife in the event of my death. What should I do to protect my wifes interest in the company since she is not a partner?
2 Answers from Attorneys
Re: llc business
You need to contact a lawyer to review the LLC Agreement.
Re: llc business
Lawyers often prepare a buy-sell agreement at the time a corporation or LLC or partnership is formed. This agreement provides for the forced sale of a deceased owner's share in the business. It also pertains to other forms of business death, like retirement, disability, divorce, bankruptcy, etc. This is done so that the surviving owners don't have to endure any interference from the heirs of the decedent. Check your organizing papers to make sure you don't already have a buyout agreement. If no such agreement exists, then you and your partners should negotiate one. You can read about them in several business reference books, but when the time comes to draft it, you should ask a lawyer experienced in business law to do so. Good luck.
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