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Whenever there is more than one stakeholder in a business there has to be a way to govern the relationship between the various participants. There has to be a structure outlining the roles and responsibilities of the participants or the business will eventually fall apart. The larger the number of stakeholders there are the more imperative it is for there to be a structure that everyone understands and agrees with.
Buy-sell agreements, also known as a “business prenuptial” agreement, are often overlooked in the excitement of starting a new business and the certainty that the founders or partners will work happily together for their lifetimes. Often best friends, even family members, owners fail to consider the possibility that adversity can strike at any time.
Legal contracts are indispensable in the modern business world that extends across state boundaries and country borders. They function as legal “stakes in the ground,” signifying to all the scope and limits of an agreement. The best contracts are indisputable and essential to the smooth functioning of commerce, giving their makers peace of mind, protecting the parties involved, and defining a resolution process.
