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Lee Phillips discusses how to exit a business partnership within a corporation or LLC. If you wish to part ways with a partner who wants out, you may need to buy them out. The specifics of the financial arrangement will depend on your situation. Legally, the first step is to review your operating agreement or corporate bylaws, as these documents usually outline the procedure for removing a member or addressing stock sales. The options may include the company buying back the partner's stock or membership interests, which could then return to the company treasury.
