Legal Question in Business Law in Illinois

There's no such thing as a "partnership corporation" but perhaps you mean an "S" corporation, which can be run like and taxed as a partnership even though it is technically a corporation. It really depends on how his corporate stock was issued (in his name only, as joint tenants with his Ex....) and what the divorce decree allows him to do with the stock. Have an attorney demand a copy of the marital settlement agreement and take a look at your corporate by-laws because my experience is that S-corps usually have buy-out provisions if a shareholder attempts to sell of his shares unless it is to some kind of estate planning trust or entity where the original shareholder retains voting control. While the marital settlement agreement may allow him to do what he is suggesting, the corporate by-laws may not allow that to occur. Alternatively, they may allow transfer of ownership but the transferees (his kids) may have no voting rights, and/or you can buy them out.