First, you should meet with your partner to determine what will happen to the company in different scenarios. For example, in the event of the death of a partner, who would his business interests be directed to? This partner may indicate that their share of the business goes to their spouse or child. A purchase contract may also give the surviving owner the opportunity to acquire the deceased partner`s share from his heirs if the co-owner is able to meet the purchase price specified in the agreement. .