Dealing with business partnership issues is very delicate and personal work. In a 50/50 partnership, I have the interests of many parties to protect. We don’t want to disrupt the business, spark a bigger dispute, or cause more stress. Unlike an attorney, I function on the side of the business to help both parties agree on specific solutions.
If there is no Partnership Agreement in place, the process for getting out of a business partnership is fairly open. That also means that the price and terms are fully negotiable.
Is it legal for your partner to lock you out of your business? Maybe. But, even if legally possible, they had better have a very good reason or things could go very wrong for them.
The word “Trust” means different things to people on different sides of partnership tension. While trust may be at the heart of your issues, be careful about how you express it. It means something different to your partner.
You are wise to seek out advice if you are feeling tension in your partnership. Lots of things can pull a business down, but the two biggest drags on a business are taxes and partnership problems. Both need to be treated seriously.