Ownership in a business such as stock in a corporation or membership interest in a limited liability company is, like other property, freely transferable. It can be bought and sold, passed down in a will or trust or through intestate succession if one dies without a will or trust. What that means to a business owner is that he or she is one heart beat or one sale away from waking up with a new business partner, one she or he may not know, may not like or someone “who has no business being in business”. Whenever there is more than one owner of a business, buy-sell agreements are a necessity. In addition with who can buy the ownership interests of a business, the method for evaluating the worth of business interests must be determined in advance. Each method of valuation typically used has its flaws but each one comes closer to the truth and is far better than nothing at all. Further, each business is unique and one buy-sell agreement does not fit all. An attorney experienced with such legal documents is essential.