entity buy-sell agreement
An entity buy-sell agreement is an agreement between a partnership or a corporation, as an entity, and the owners (partners or stockholders) that, upon the death of an owner, the company (partnership) will purchase the deceased owner's share of the business.
Additional Information
The ownership of the company is still maintained by the surviving owners. The result is that the survivors each have a larger share of the company, and the deceased owner's estate is provided with cash it will need.
