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Lee Phillips discusses the process of removing a partner from a corporation or LLC. If you're in a partnership and one member wants to exit while the other wishes to continue, you may need to buy out the departing member. The specifics of the buyout are up to the parties involved, but the legal steps must be followed according to the operating agreement or bylaws. These documents should outline the procedure for removing a member or handling the sale of their interests. This could involve the company buying back the member's shares or membership interests, potentially placing them in the treasury.