When you and your partners start a new business here in New Jersey, you probably think that you will work together well into the future. You form your partnership, draft a partnership agreement and open your doors, but what happens if one of your partners leaves the business at some point?
Now is the time to prepare for that eventuality even though none of you think it will happen at this point in time. A buyout agreement, also called a buy sell agreement, may be the solution. You might consider it as sort of a prenuptial agreement for your partnership.