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Lee Phillips discusses the process of removing a partner from a corporation or LLC. He highlights the scenario where one member wants to exit while the other wishes to continue. To facilitate this, it may involve a buyout, though he does not delve into the financial specifics. The key is to refer to the operating agreement or bylaws, as these documents might outline the procedures for removing a member or how to handle stock or membership interest sales. The buyout can involve purchasing the member's interests back through the company, which may then return those interests to the treasury.
