can my business partner do this?
i am a partner in a cab company that has been running for 2 months.and we signed a contract stating that 60% of profits go to me and 40% goes to him after all expenses, and that we each own half of company assets including 2 cabs and the number. he works no hours of the company and i dispatch 15 hours a day. we made $2200 in total sales for december and $4000 in total sales for january. 50% of total sales are paid for driver compensation. and we have insurance, car payments, internet, office rent, phone lines and taxes all taken out of that which leaves nothing left over for split right now. he is complaining that he is not getting his cut but after all bills are paid there is nothing left and I dont even pay myself wages. Yesterday he stole one of the cabs back and wont give it back. has he breached his contract? and if he did what will happen?
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