Rather than ask for a huge raise, Mandel asked NBC to set him up with a production company by paying for office space and a staff.

FORBES: Howie Mandel's Next Act

Together with an amateur astronomer friend from California, Mandel has traveled to Australia and set up a high-powered telescope, mount and CCD camera in Lee's own backyard observatory, which they've dubbed the Australian-American Imaging Station.

FORBES: A Star Is Born

How you can legally go about removing a co-founder may depend on whether your business is a partnership, limited liability company or corporation, as well as the state in which you set it up, according to Mr. Mandel.

WSJ: Splitting With Your Company's Co-Founder Is a Tricky Task