There are many options on which I can advise you by way of a strategy to follow but how to select what to pursue depends on having a more detailed knowledge of the background.
Obscure assumed it was a ltd company but there is much use of the word 'partnership'. 77com please confirm which,
If a partnership then you can easily dissolve it - and perhaps bid to buy and take over assets and start afresh. If you are running the business you are more likely to be able to acquire the assets on dissolution than is the other person. You are also probably closer to suppliers and market links.
If a limited company , you as one director who is essentially the de facto managing director, could award yourself a fair salary for your time. But do it in an open way with clear reasons and a rationale for the salary selected.
As an alternative, you can argue you no longer wish to be the sole person to run the company with no help from your co-shareholder and thus there is deadlock. In a sense your co-shareholder, by removing himself, would have likely breached the agreement you reached at the outset whereby you both would contribute. On the other hand as time has passed you have probably acquiesced. On that basis you could threaten, in the absence of an agreement perhaps to grant you more shares, to petition the court to wind it up under s122(1)(g) of the Insolvency Act 1986. Such an order has nothing to do with the solvency of the company. On that basis you could bid for any assets you would require to set up a new company.
You could always of course also just resign your employment and directorship and start afresh as has been suggested but of course it depends on the nature fo the business/assets/staffing etc
Its not just about what options you have but how to use them to encourage the other person to reach an agreement with you. That is what I do.
You can call me to take up my offer of a free 20mn call to help answer questions and give you a heads up on how to work out a successful strategy.
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