Legal Question in Business Law in New Jersey

Re: partnerships

The best way to protect yourself and your business is by having a Buy/Sell agreement between you and your partner. I always advise LLC Members and Corporation shareholders to have me draft a Buy/Sell Agreement (also known as a "shareholders' agreement," "cross-purchase agreement," or "redemption agreement") when we form the business. This protects the partners on death, divorce and disability. Unfortunately, many new business owners refuse to spend the money. That is what leads into trouble.

I suggest you contact a tax and business lawyer to review the documents you have and give you specific advice in your situation.

I hope this helps!

Ron Cappuccio

http://www.BusinessEsq.Com