Husband & Wife Partnership Converting to S-Corp

Hello:

I've been researching this and have been struggling to find a satisfactory answer. I'm hoping someone can point me in the right direction.

Just started working with a company that is owned 50/50 by husband & wife; currently filing a 1065 for the company, and filing MFJ on their 1040. We are going to be making an S-election. As part of this move they want to remove the wife from ownership of the business so that the Husband owns 100%.