how do you equitably split up a corporation when one person wants out?

Answer 1

The partner will most likely sell his shares of the business and someone else can buy in, or the other partner can buy his shares and convert it to a sole propriatorship

Answer 2

How many shareholders? Public or private? There's a ton of "it depends". When setting up a private corporation with only 2 shareholders (or sometimes 3 or 4) you should include a "shotgun" clause. If this was not included, then what I would do is ask what the other shareholder wants for their share, but attach the condition that you have the option to tender your shares if the price is right (should keep them in check).

Answer 3

You need to refer to the articles of incorporation for the business. They will usually spell out the terms of what needs to be done if one of the partners wants out.