I am amazed at the number of privately held business partnerships that do not have a formal buy-sell agreement in place. This one is absolutely essential. When forming your business, you chose your partner; make sure you have some rights when it comes to who your partner will be as time goes on too.
![buy-sell agreement](https://startupetsu.com/wp-content/uploads/2016/01/business-3152586_1280-300x217.jpg)