partner buyout
2 partners in an S Corp...one wants to leave...i am not sure if he was asked to leave or was it voluntary.
This is a haunted house that only operates for 6 weeks/year
Originally, it was one person, the 2nd who is leaving did not put in any money to get shares (they did not start out as an S Corp). The person leaving put up all the money to operate the business and got paid back when they season was over. This was the first year for payroll. The previous years, they just split the profit or loss equally on the k1 to put on their personal return.
Is the person leaving entitled to some money? I know this is very vague, but any suggestion is appreciated.
