It depends upon what the corporate bylaws state. If the bylaws give you the first right of refusal to purchase your partner's shares, then you may have the right to purchase the shares before the person you do not want to purchase the shares obtains an ownership interest in your business. However, barring a first right of refusal or similar language, you cannot prevent your current partners ability to transfer his ownership interest to whomever he/she sees fit.
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Answered on Aug 15th, 2011 at 3:38 PM