What about business continuation in a closely held business?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Jul 16, 2021
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
The basic problem is that the business may have to be liquidated shortly after the owner’s death if there is no plan for business continuation. The problems are somewhat different for incorporated or unincorporated businesses, but both are likely to need a buy-sell agreement. Life insurance is commonly used as a way to fund such agreements.