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Business Succession Planning: How to Use Life Insurance to Fund a Business Buy-Sell Agreement
Major problems can arise when a small business owner dies without a plan in place. This is especially true with an LLC (Limited Liability Company) that has more than one owner. This is because in an LLC, each owner - referred to as a member - owns a percentage of the business.
What Happens to My Small Business If I Die?
While there are plenty of secondary questions to ask, the primary answer to this hinges on one question: Do you have a business succession plan in place?