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In this tutorial, Lee Phillips discusses the process of removing a partner from an LLC or corporation. He emphasizes that even if you are members of an LLC, you may wish to part ways. If one member wants to exit, the other may need to buy them out, though the specific financial arrangements are left to the parties involved. Legally, the process involves referring to the operating agreement or bylaws, which may outline the procedures for a member's exit or selling their stock or membership interest. The exit can involve the buying out of the departing member by the remaining member or the company itself, potentially returning the membership interest to treasury.
