Corporate Law Purchasing 50% S-Corporation

[orange12]

I am considering buying 50% of the shares in an S-Corporation from one of two partners. Legally, can the remaining partner (owning the remaining 50%) make it difficult for me, can he reject me as a partner/shareholder? I do not plan to hold any executive position in the company, I plan to only be a shareholder.

 

[lwpat]

This doesn't sound like a good idea. The remaining partner can make it very difficult and neither of you have control. You are asking for a lot of trouble.

 

[orange12]

I appreciate the help. Also, since I will be a shareholder, do I legally share in the profits without any questions? Specifically, I don't have to work, I am just a shareholder, just like a shareholder in a public corporation?