A Michigan Partnership Buy-Sell Agreement is a legally binding contract that outlines the terms and conditions for the sale and transfer of ownership in a two-person partnership. Specifically, this agreement focuses on fixing the value of the partnership and requiring the sale of the deceased partner's share to the surviving partner's estate. In this arrangement, both partners own an equal share, i.e., 50% of the partnership. The main purpose of a Partnership Buy-Sell Agreement is to establish a mechanism for the orderly and fair transfer of ownership in the event of the death of one partner. By fixing the value of the partnership, the agreement ensures that the surviving partner will have the opportunity to purchase the deceased partner's share at a predetermined price. One type of Michigan Partnership Buy-Sell Agreement is the Cross-Purchase Agreement. In this scenario, each partner agrees to buy the other partner's interest in the partnership upon their death. This means that if Partner A were to pass away, Partner B would be obligated to buy Partner A's 50% stake in the partnership. Another type of Partnership Buy-Sell Agreement is the Entity-Purchase Agreement. In this case, the partnership itself (as an entity) agrees to buy the deceased partner's share. The remaining partner or partners would then acquire the interest in the partnership proportionate to their existing ownership. Some important keywords related to this topic include: partnership, buy-sell agreement, fixing value, sale, estate, deceased partner, survivor, two-person partnership, equal ownership, Cross-Purchase Agreement, Entity-Purchase Agreement, and Michigan. These keywords reflect the essential components and variations of a Partnership Buy-Sell Agreement specifically in the context of a two-person partnership in Michigan.