If more than one person owns the business, you need an agreement among those owners to cover topics such as what happens if one of the shareholders dies, becomes disabled or insolvent, or wants to sell his or her portion of ownership to an outsider. Shareholder agreements, buy-sell agreements, partnership agreements, or LLC operating agreements all spell out how to keep the stock closely held. If one shareholder dies, typically the corporation or the other shareholders are required to buy the shares from the estate, and the estate is required to sell the shares. The agreement specifies this requirement to buy and sell, the price, the payment terms and related obligations. If you are the sole shareholder of your corporation, you will not need a shareholders’ agreement.