How do I get out of a business partnership?

T

The One

New member
Basically I entered into a business with a partner but it is not going as planned because I do all the work and my partner doesn't add anything to the business. We agreed to share the profits 50/50 but he doesn't even do 10% of the work. Is there anything I can do other than start over? I don't want to do that because I built the business from the ground up and I don't want to just hand it over to him. Here is what we done so far:

- Got EIN #
- city business license
- registered fictitious business name
- opened bank account
- built website


(I'm not sure if we are officially registered as a partnership because we haven't filed with the secretary of state yet).
 
Did you organize as an LLC, C-corp, or S-corp? If you haven't, consider reorganizing your company. With an LLC or other corp you will have shares issued, which you can take a higher amount of if you and your partner think it is fair. You could always take full ownership and ask your partner if he will accept being an employee.
 
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