I am a partner in a S-Corporation and want to know how to sell my shares to my partner and resign as Secretary.

Question

I am a partner in a S-Corporation and want to know how to sell my shares to my partner and resign as Secretary.

Answer

Absent a contract to the contrary, you may resign as secretary at any time simply by giving notice to the company.

Being bought out as an owner is not as simple. You don't state what type of entity it is ("S-corp" is simply a tax election and not an entity type), but generally there is not right to have your ownership interests purchased or redeemed by the company without an agreement in place otherwise. There are a few exceptions, but they only rarely apply. Of course, if you have a willing buyer, you may sell your interest (again absent an agreement to the contrary).

Have a local business attorney review all relevant agreements and advise you.