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Issues with business partner

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Danni19891

New Member
Hi,
My business partner owns 50% shares (it is a filming company). This past year he has not been pulling his weight at all, has been invoicing the company from his own media company and immediately paying the invoice himself (despite knowing that invoices from jobs had yet to pay them!) and has now admitted he has been flexi furloughed as an employee from his own media company. In a meeting that was recorded (both of us agreed),he said that he would be interested in taking a cash payment and 50% of the assets as a buy out, but just put it in writing. I did that on Monday and then he has since stopped all communication with me. Our accountant issued him a J30 form and he responded to say he wasn't stepping down as director and was seeking legal advice. We have no contract in place, I just gave him 50% of the shares of the business that I set up without him. Where do I stand? Do I give him everything and walk away or do I fight this? He is lazy and would probably be happy for me to continue doing all the work, getting the jobs in, filming and editing and he just take 50% of the earnings! Please any advice is welcome!
 
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