Legal Question in Business Law in Florida

Re: how to buy out partner of an ''S'' Corp

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Your question is not as simple as you have made it. Generally, partners in a business, whether a corporation or partnership sign a shareholder's agreement or a partnership agreement which sets forth the method in which one partner can force the sale/purchase of the other party(ies)'s respective interest.

You need to consult your agreements and see what is set forth. If there is no agreement, then you might not be able to force the other party to sell his or her interest to you. Certainly, you cannot use joint funds for this purpose.

I strongly suggest that you consult a qualified attorney to review the specifics of your situation.

Scott R. Jay, 305-249-8000