It cannot be designed to pass your business interest to family for less than...

English translation: The agreement must not sell your share of the business too cheaply

06:32 Sep 24, 2013
English language (monolingual) [PRO]
Bus/Financial - Economics
English term or phrase: It cannot be designed to pass your business interest to family for less than...
It cannot be designed to pass your business interest to family for less than full value.

Context details:
The sentence is from an article related to "business continuity planning", which comes into play when a business owner dies unexpectedly. As a key component of such planning, a "buy-sell agreement" is crucial, which obligates other surviving business owners, key employee, the business itself, or family members to purchase the interest of the deceased owner. While this buy-sell agreement is very advantageous, it must meet specific requirements, including "It must be a genuine business arrangement", and of course "It cannot be designed to pass your business interest to family for less than full value" ("your business interest" refers to the business interest of the deceased owner, I believe).

Please help me with this sentence. As I'm not a native English speaker and don't know much about finance and business, I don't understand this sentence at all. I need to translate it into my native language, but not before I can understand it in English.
So, please explain this sentence in very basic and simple English. Thank you so much!
Ian Wang
China
Local time: 03:22
Selected answer:The agreement must not sell your share of the business too cheaply
Explanation:
It's very hard to express this in very simple terms, but it's saying that the share of the business owned by the person who has died must not be sold for less than its true value.

Selected response from:

JaneD
Sweden
Local time: 20:22
Grading comment
thanks
4 KudoZ points were awarded for this answer



SUMMARY OF ALL EXPLANATIONS PROVIDED
5 +3The agreement must not sell your share of the business too cheaply
JaneD


Discussion entries: 2





  

Answers


6 mins   confidence: Answerer confidence 5/5 peer agreement (net): +3
it cannot be designed to pass your business interest to family for less than...
The agreement must not sell your share of the business too cheaply


Explanation:
It's very hard to express this in very simple terms, but it's saying that the share of the business owned by the person who has died must not be sold for less than its true value.



JaneD
Sweden
Local time: 20:22
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
Grading comment
thanks

Peer comments on this answer (and responses from the answerer)
agree  Jack Doughty
30 mins
  -> Thanks Jack

agree  Yvonne Gallagher: yes, ...for less than its real value...
2 hrs
  -> Thanks

agree  Phong Le
7 days
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