Business partners often ask me if they must have a buy-sell agreement. After all, they argue, neither one of us intends to sell. In fact, we're afraid that having a buy-sell arrangement will make it more likely to happen. Besides, if one of us ever does decide to sell, we'll work it out then. Simply stated, a buy-sell agreement specifies in advance the terms under which assets will be distributed should the status of the partnership change. As to whether you need one or not, the short answer is "No," because there's no law that says you have to have a buy-sell arrangement as part of your partnership agreement. If you don't have a buy-sell agreement, however,
