You can't simply 'cash out' of your business unless there's a buyer. If the other owner isn't that buyer, you get nothing.<p>If you have a brick and mortar business, like a restaurant, and you're the sole owner, you can't sell without a buyer. Same goes for a 30% owner. You can't even demand the profits since dividends have to be authorized by the majority (ie. not the guy with 30%).<p>What it comes down to is you didn't owe him shit (except the 30%), and he was being greedy and ignorant.<p>And yes, a proper contract, with a witness (or even better a lawyer) would have been a huge benefit to both of you, if for no other reason than tempering expectations.