When I had a business idea start-up, my friend provided his business license for me to operate in a condition that I share 50% of the profit with him. As the company grew in 2 years we used to split 50-50 equally. Both of us didn't invest any money as it was just buy and sell of niche product. I invested in website and marketing and did all the work without salary for 3 yrs. In 2 yrs we managed to get our own business license and seperate office and staffs etc. I started investing more money and did all the work. But my friend who is the partner never invested or worked. This is when the problems started.
Now I have invested nearly 500k $ and takes salary. The company has some liabilities. The partner is not interested to work or invest still but demands profit all the time and getting greedy. I stopped taking profit and splitting as well.
How to get this into a healthy perfect partnership agreement , without affecting the friendship.
What I have in mind is :
1. I have invested 100% money, let him work 100% And I will not work anymore. He can take salary after 2 yrs.
2. Let him invest 100% and I work 100% with salary after withdrawing my investment.
3. He takes over the company after paying me my investment
4. I take over the company and he leaves with nothing.
How do I tackle this situation since the partner is used to getting money out of nothing and I end up doing all the tension and hardwork which makes me rethink on partnership with him again. But considering the help he provided by giving his license to do business at first I did all this for 5 yrs. How to solve this issue. All your help and guidance are appreciated.