Corporate Law Partner embezzleing money

[mrevans2u]

I have a partner that has embezzled money from the company and has admitted to doing so. I want to end the partnership by buying him out. According to the partnership agreement we signed it states that I would owe him half of the equity of the company + 2%. Right now we have 0 equity in the company. Now if I read this right I owe him nothing to buy him out, is that correct? Since I figure he won't go for this, if I threaten embezzlement charges on him if he doesn't sign the buy out how could this possibly backfire on me?

Thank you in advance

 

[calalily]

Equity may include any and all value of assetts so consult a lawyer regarding this matter. Assetts include any tangible items owned by your company.

 

[mrevans2u]

This is a .com business. We don't own anything, the company hasn't bought anything except for a website which is still being paid on, but that is it.

 

[calalily]

You don't any computers, desks, chairs, nothing at all?

 

[mrevans2u]

nothing that the company has paid for, no

 

[calalily]

It may cost you money but I wouldn't do a buy out unless I had an attorney write up the papers (CYA). Since I can't see the actual contract there may be language that could come back to bite you so consult an attorney to be free and clear.