Legal Question in Business Law in Texas
Business Continuation
I am the CEO of a closed corp, my husband and son are officers of the corporation. I have stipulated in my will that my business is to pass to my son. Is it necessary to have a buy/sell agreement or stock redemption agreement in place since I made my will? We also have a daughter that is not involved in the business, nor do we want her apart of the business.
2 Answers from Attorneys
Re: Business Continuation
That might work, although it depends upon how you want the rest of your property distributed, and what effect the transfer of your shares to your son would have on the operation of the business.
You would probably be better off if all the shareholders, and the corporation, entered into a buy/sell agreement to handle the eventualities of death, or disability, or simply quiting the business.
Re: Business Continuation
You should consult a lawyer to draft your will and discuss your estate plan. A buy-sell may be appropriate, but a will certainly would be a good idea under these circumstances. My office is by you. http://www.reasonable-doubt.com
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