I want my partner to buy me out, he is not interested?

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Krash

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I am in a private company of which I am a 30% owner (according to the ownership contract and original investment capital). I lost interest in the business almost since it started, after an argument with my partner. The business is already two years old and not yet breaking even. My partner does not want to close the business down nor does he want to buy my part of the business back. He has since added more cash into the business without my approval and works without a salary. I do not want his time and money to be on my back. I have asked for my money back for the past year with many broken promises since. What should I do?
 
If I am correct, if one partner wants out, the other must buy him out OR it must be dissolved. Tell him that you don't want to have to go to court, or have him incur your lawyer's fees, but you will.
 
You can leave the business and cut your losses in that way ... but you can't make him buy you out . Most new businesses show no profit for at least 5 years .
I had a business partner who destroyed a perfectly good business ... she had no concept of growing the business . I just gave her my half of the business and watched her bankrupt herself .
Lesson learned . If I ever go into business again ... no partners .
 
Most new businesses will lose money for the first five years or so. The first two or three years, a new business will typically hemorrhage money, and then the business will have another two or three years of losing money, but not so quickly, and then it will start to break even. Every now and then, a business will start making money sooner.

Your partner probably does not have the cash resources to buy you out. If you pressure him to do so, he'll probably have to give up the business by either selling it or just shutting it down. In either case, both of you will lose some or most of your investment. He has also put a lot of sweat equity into the business, which will have to be accounted for if the business is shut down, or if the issue goes to court. If you force him to buy you out, you could get a lot less money than you invested.

I would advise you to wait. From what you've said, your partner is actually doing the right things (adding more money to the business and working without a salary) in order to make the business a success.
 
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