If you happen to be an individual that owns a piece of a small business, whether you own as little as 5% or as much as 95%, it is critical that you have a proper operating agreement, or some type of partnership agreement, or some type of business agreement in place that addresses you and the rest of your partners. Because on our end, as we do the estate planning and the business succession planning for our particular clients, what we’re looking at first and foremost is do you have those proper documents in place that address issues such as retirement, such as buyouts, such as long term illness or ultimately does it properly address the death of one or more partners or business owners in the operation?
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