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In this segment, Lee Phillips discusses the process of removing a partner from a corporation or LLC. He emphasizes that if one member wants to exit while the other wishes to continue, it can be managed legally. The process may involve buying out the departing member, but the financial specifics are left to the parties involved. It’s essential to consult the operating agreement or corporate bylaws, as these documents may outline the procedures for expelling a member or selling their stock or membership interest. The company may also buy back the interest, which could then go into treasury.
