The True Test

Owners of closely held businesses have traditionally used buy-sell agreements to restrict the transfer of interests in their businesses to unwanted third parties, and to establish the price and terms for purchases of interests in their businesses upon the occurrence of certain events, such as the death, disability or retirement of an owner. In addition, when a business is family-owned, a buy-sell

Owners of closely held businesses have traditionally used buy-sell agreements to restrict the transfer of interests in their businesses to unwanted third parties, and to establish the price and terms for purchases of interests in their businesses upon the occurrence of certain events, such as the death, disability or retirement of an owner. In addition, when a business is family-owned, a buy-sell agreement's price terms can establish the value of the interest for estate-tax purposes, if the

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