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A buy-sell agreement is a legally binding agreement between the co-owners of a business. It is sometimes referred to as a buyout agreement. A buy-sell agreement governs the situation if a co-owner dies, is forced to leave the business, or chooses to leave the business. It is a prenuptial agreement between a company's business partners and shareholders—sometimes called a "business will."
Buy-sell agreements are important for businesses because they provide a plan for what happens if one of the owners becomes disabled or passes away. These agreements outline how the business ownership will be transferred and who will take over, ensuring the business can continue to operate without disruption.