Are you a co-owner of a business?

Are you a co-owner of a business? What happens to the business if something happens to a partner? Typically the business goes the individuals spouse or estate. Do you want to do business with your partner's spouse? Do you want him/her making business decisions? In most cases the answer is no. If that is the case the business needs a buy-sell agreement. Most companies do not have enough cash to pay off the spouse so it is funded by life insurance.