Arbitrator or Artoney???

Hi, I am new to this website and here is my case:
I formed a partnership agreement with a guy to do business. This guy was a 45% owner in the previous partnership – during that time he put in, if he’s to be believed. Since I bought out the senior partner and he and I executed this agreement, I put in about $20,000 or so (above purchase price) and the guy has put in $0. His argument is that I put the money up and he’ll pay back his 45% out of the profits when they are realized. This is of course, hogwash. His notion is that my only choice is to let the business fold and lose what I’ve put in to date (2 months has been gone.)
 Someone advised me to send him a letter, in certified mail, demanding his contribution to liquidate the business, if he fails to do so after the date line then the partnership agreement will be dissolved.
 Other advised me to go to arbitrator to dispute the partnership agreement b/c there is the part about Arbitrator in the agreement. Also, this will cost less money then go to a lawyer.
 Other advised me to file the law suit b/c sooner or later after the arbitration, the guy will file the law suit against me.
Please give me some advice. Thanks in advance for any help.

You may want to check out this article: Partnership Agreements Lawyers

Your post does not make sense.
This guy was a 45% owner in the previous partnership What previous partnership?
Since I bought out the senior partner and he and I executed this agreement, I put in about $20,000 or so (above purchase price) and the guy has put in $0. Who executed what agreement? The senior partner and you, the senior partner, you and "the guy"?
What agreement? who signed????what did you agree to do on your executed agreement??
Someone advised me to send him a letter, in certified mail, demanding his contribution to liquidate the business, if he fails to do so after the date line then the partnership agreement will be dissolved.
What does the agreement you executed SAY?
Other advised me to go to arbitrator to dispute the partnership agreement b/c there is the part about Arbitrator in the agreement. Also, this will cost less money then go to a lawyer.

Arbitration does not cost less, litigation with arbitration is like filing two separate lawsuits, doubly expensive
Other advised me to file the law suit b/c sooner or later after the arbitration, the guy will file the law suit against me.
This depends on what you signed and what you agreed to.

Okay, can you be more clear about what it is you created and who you created it with?

Hi taxgirl,
Hope that the following information will help.

"We bought out the senior partner in a bar two months ago. We entered into a partnership with the remaining partner at time of purchase. We hold 55% and the other partner holds 45%. The agreement says that each partner will contribute/maintain necessary capital proportional to their ownership percentage. Since entering into this agreement, we have put in around $20,000 and the other partner has put in $0. His claim is that he will pay back his portion of the capital investment needed from his share of the profits when they are realized. We find this solution to be ridiculous."

Thanks in advance if you have any advice for us.

Sounds to me like he owes the firm $18000. What does the SIGNED agreement with the partner say about capital contributions for each partner? There's got to be something written in the by-laws /operating agreement referencing each partners contributions, when they should be made, how they should be made?

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