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RayAnswers, Attorney
Category: Business Law
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Experience:  I have 30 years as a business lawyer in Texas
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I am one of three owners of a small graphics business. We are

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I am one of three owners of a small graphics business. We are an S-corporation. Business has dropped in the last few years and I have had to find part-time employment elsewhere. I am considering looking for full-time; cutting my hours at the business, it becoming my part-time job. How do I leave the partnership without affecting the others that want to continue in the S-corp? I do not want to pay taxes on the profits of the company, when I am not actually being paid that money.
Submitted: 8 years ago.
Category: Business Law
Expert:  RayAnswers replied 8 years ago.
Thanks for your question. They could purchase your interest for some nomimal sum. When you get another job they could just buy out your interest here.They can transfer either your ownership interest back to them or stock if it has been issued.You may need a lawyer here to complete the sale here and make sure you are out of the business.
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