The structure of many businesses is a partnership, and one question that is often asked of Perth commercial lawyers, is “What happens to the business partnership should anything happen to me?”. The “anything happens to me” part of that question is a subtle way of saying “if I died”. Regardless of your age, whilst your death may not something you want to dwell on for too long, it is never prudent to have made no contingencies, especially if you have assets that include a business.
Such an asset would be your share of a business that you are a partner in, and thus we are going to look specifically at buy-sell agreements which deal with partnership ownership in the sad circumstances following a partner’s death. We should also point out that whilst buy-sell agreements often trigger when a partner passes away, they can also be triggered by other events.