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Have you decided what you would like to happen with your business after you are gone? While no one really likes to think about this issue, you really must obtain and complete the right estate planning forms so that you–and not a probate court–get to choose who will get to continue running your business and who will get your assets after your death.
If you are the sole owner of your business, a succession plan is important. If your business is a partnership or if you are in business with two or more people, you will need to arrange a buyout agreement. This will need to be clearly spelled out in your estate forms. Make sure to include information about the pricing at which the buyout will occur (such as fair market value) and who is eligible to buy your share of the business.
Your estate planning also needs to include detailed instructions about your business. With your forms, write up information about your business taxes and accounting and the computer software used for all aspects of the business. Do not neglect to supply any necessary passwords that your business successor may need.
Would you like more information about estate planning forms? Visit the links on the left, which have been carefully chosen by Business.com. These links can help you determine what you need to know about planning your estate.
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