Jeff spoke about the importance of having buy/sell agreements if you have business partners. An agreement would specify what happens if one or more partners leave, retires, dies, is divorced or disabled.
Without agreements, divorce settlements can split company ownership leaving an ex-spouse as a business partner. In the case of bankruptcy, creditors can end up a partner. In you die, your spouse becomes a partner which may not be the best if they had not been involved previously.
Agreements give partners chance to refuse to be partners in the above cases. They would specify whether to sell the shares of the exiting partner or take another course of action.
Give Jeff a call if business partnership doesn’t have a buy/sell agreement in place. They can be put in place even if your business has been running for years.