What kind of agreement do you have with your business partner? You should review your partnership and work with an attorney on a flat fee to go over the situation and options. However your partnership agreement should have a dispute resolution and release from the business clause.
Ahsan A. Syed, PSC // Stephanie Emanuel answer and comments are for general purposes only. Please contact an attorney that you are comfortable with working and discussing your case.
Depending on the form of entity (Is it a partnership, LLC, corporation, or other entity?) and the organizational documents, you probably don't have the power to remove the partner as an owner of the business. You may be left negotiating a buyout or a dissolution of the business. You should consult with an experienced Business Attorney to protect your interests in the company.
The foregoing discussion does not establish an attorney-client relationship, is qualified by the limited facts presented above, and should not be relied upon as legal advice. To obtain definitive legal advice upon which one can rely necessitates retaining an attorney who is qualified in this particular area of the law.
You should check with your partnership agreement first to see how it says to resolve disputes and if you put in a provision regarding a situation like this. Good luck.
NOT LEGAL ADVICE NO ATTORNEY-CLIENT RELATIONSHIP FORMED
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