He is sitting there letting your project dwindle and letting YOU get deeper in debt. Maybe he WAS actually a friend at one point, but I don't think he is now.
From your post/comments, it appears that you are the de-facto CEO of this company, so act like one and get this guy out of your ranks as cleanly and cheaply as possible.
I would probably explore buying him out cheaply, or allowing him to maintain a very small fraction of ownership (1 or 2 %) in return for a clean break (ie, he just goes away and saves you both the legal costs and headaches).
In this process you are highly likely to lose either your "friendship" or your business. Best to decide which one is more valuable and/or replaceable and go from there.
> He is sitting there letting your project dwindle and letting YOU get deeper in debt. Maybe he WAS actually a friend at one point, but I don't think he is now.
Not how I look at this kind of thing at all. My friendship is not conditional on never making mistakes that cause me problems or never wronging me. There's limits of course, but I consider disowning a friend to be pretty severe. This kind of thing might make me end our partnership and not work with this friend again, but not end a friendship.
He is sitting there letting your project dwindle and letting YOU get deeper in debt. Maybe he WAS actually a friend at one point, but I don't think he is now.
From your post/comments, it appears that you are the de-facto CEO of this company, so act like one and get this guy out of your ranks as cleanly and cheaply as possible.
I would probably explore buying him out cheaply, or allowing him to maintain a very small fraction of ownership (1 or 2 %) in return for a clean break (ie, he just goes away and saves you both the legal costs and headaches).
In this process you are highly likely to lose either your "friendship" or your business. Best to decide which one is more valuable and/or replaceable and go from there.