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In a shareholders agreement involving two or more partners, there are two main types: cross-purchase agreements and stock redemption agreements. In a cross-purchase agreement, partners buy each other out and typically own insurance policies on one another, allowing for direct purchase of shares without company involvement. This means the insurance proceeds are not subject to company creditors. Additionally, buying out shares under this agreement offers a "step up in basis," which can be advantageous for tax purposes. In contrast, a stock redemption agreement involves the company as the owner and beneficiary of the policies, leading to different implications for ownership and taxation.
