me and my friend partnered in a start-up for a b-2-b website (something like alibaba.com) in august 2010. we had 50-50 partnership in x thecnologies llc.
in md usa. the deal was me working 60-70 hours a week at a pizza shop while he handles the hiring ppl for making the software till we launch the website(x.com)
it did go on for about a year me financing the company(in cash ) he searches, hires, manages people for the website programming.
After a year, couple months before we launch the site, we had an argument and he took all the data and moved to CA. he started a new company and launched the site, i had to stay in md and deal with the all the debt left (mostly in cash) in MD.
Over the time, althought i didnt have the money to hire an attorney i tried to reason with him about the dept and my share of the partnership on the new company.He asked me to hold on till he finds an investor(saying it will make impossible to find investment for a start up if it has legal issues on it)
new companies over the country he makes the deal.
As of today he turned the web site, a paid membership site and went overseas to make deals with chamber of commerce agencies which will require to build
my question, is having only a 50% partnership on X thecnologies llc (whic he said applied to close the company with the accountant without my signature or approval) and having no idea on how much the website makes right now or values (according to website value sites on net more than $800.000) what can i do to secure my investment on such a complicated situation without hurting it.
Thank you for your time and help,