Asking business partner to leave?

About a year ago I formed a corporation with two other people. I hold 50% of the company. One member was supposed to be the "financier" and holds roughly 30% of the company. He is a partner by name only, and does not work with the company at all. He has his own company. He has not provided the up front money he initially agreed to, he acts like he is the boss of the company, and has thrown up several obstacles during this first year of our company (he insists that he must sign every check that is written, but constantly "forgets" to sign them etc.). I can't work with him any more. We have not made much profit and are not in any debt. We had to use all of the money we made to purchase items that were supposed to be provided by the "financier". My questions are : How hard is it to get this guy out? and second: What is he entitled to when he goes? 30% of the value of the assests? (For whatever reason, these issues were not addressed in our corporation paperwork).

Contact a good attorney and get everything in writing because this guy is not, nor has he ever been, your business partner. Please don't try to handle this on your own because that could produce even more unexpected and unpleasant surprises. What you want to do is put all of this behind you and get on with your life. Do whatever it takes but do it NOW and in the future please choose your associates more carefully. I wish you well.

send him a letter saying he is fired and never look/talk to him again, but if you approaches, just act like you have no idea what happened

Its not easy it has to go to court for a judge to decide but if hasnt held up his end of the contract then you have a better case just collect as much evidence as you can

I personally bought my partner out when things started getting sticky.....since I was the brain behind it all ..he gave in and accepted his take. (period)

Without a Shareholder's Agreement it will be 30% of the CApital of the company, but that doesn't sound like much.

CAn you not just start a new company without him?

Sometimes you have to put up with things that life through at you. Just simple sit him down and explain to him that his tactics are not working around your office. And politely explain to him that he is no longer needed there. Offer him a generous offer. That will give him back what he earned. With out a lawsuit.

You take yourself and the other good guy that has 30% and that is 80% which is a majority and you hold a meeting and vote him out. Lets face it, your 50% and the other good partner's 30% together run the company and tell the nutty guy to get out. You have 50% and he cannot tell you what to do. Have you corporate lawyer make the meeting official and he has not say in anything. Your bank says who signs checks, not him. You should really talk to your attorney.

If he has not provided the upfront money, he agreed to,
then he has broken the contract.
Therefore, he has no rights in the Company.
You shouldn't have to throw him out, as he has no rights to be there in the first place.
I would suggest talking with him first & explain why he shouldn't have an office in your business.
If all else fails, talk with an Attorney for suggestions. Attorneys get a bad wrap sometimes. Most are sincerely interested in "doing the right thing".