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Hi
In May this year i started a new business partnership with an acquaintance of my previous work place.
I am in telecommunications for 14 years and my partner has no experience and is still new.
As our verbal agreement He will supply to the partnership some tools and a vehicle.
I would be the one responsible for bringing new business and business daily operations etc
I am the only one running the business and work in the business and my wife assists with admin without getting paid a salary.

The business is still not really showing profits as we agreed that i must get paid a salary every month and he will only share in the profits.

The one month i phoned him and explain that there is no money to give him as the business needs additional tools and branding clothing etc and he said that it is fine.

Then 2 weeks later he phoned me and tell me that he wants out of the business and will not be liable for any debt etc and that he wants the vehicle and the tools back immediately i informed him that the business has a contract to supply maintenance services until end of May 2018 and that if i gave the stuff back the business will go down as we need the vehicle and tools for the operations daily.

he came to my house 3 days later with the police and want to claim the stuff back. and also told police that it was theft.
we came to an agreement in front of the 2 officers that he will then draw up the total cost of the goods and i will pay him a set amount monthly.

I never received anything from him he then sends me a lawyer letter saying that i can rent the stuff from him and that i need to pay him 10000 rand monthly for rental.
The business was registered by CIPC as a 50/50 partnership and the day that we had a meeting with the book keeper they asked what are both of us putting up as equity.

i had nothing to put up just my experience
he had put up the Car and the equipment.

why is he now coming after me with a lawyer as i am only a director that manages the company.

Category:  Business Matters, Shareholders Agreements

Region: South Africa, Western Cape