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Remove Words into the Partnership Agreement

Remove Words into the Partnership Agreement

Aug 6th, 2022

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How to Remove Words into the Partnership Agreement

5 out of 5

39 votes

In this tutorial, Lee Phillips discusses the process of removing a partner from an LLC or corporation when one member wishes to exit. He emphasizes that despite being business partners, members may want to part ways while continuing the LLC. The key action involves buying out the exiting member, although the financial details are left for the individual to determine. Phillips advises checking the operating agreement or bylaws for specific provisions regarding the removal of a member or stockholder. These documents may outline the procedures for selling membership interests or stocks, including the possibility of the company repurchasing the shares.

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