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In a shareholders agreement, there are two primary types: cross-purchase agreements and stock redemption agreements. In a cross-purchase agreement, partners buy each other out and own life insurance on one another, with each partner as both owner and beneficiary. Conversely, in a stock redemption agreement, the company owns the insurance policies. A key advantage of the cross-purchase agreement is that insurance proceeds do not enter the company, thereby avoiding creditor claims. Additionally, this arrangement allows for a "step up in basis" for shares bought out—beneficial when calculating tax implications after an owner's death, particularly in a scenario where one partner dies and the business is valued at $10 million.
