Well, it's officially happened. Our business partner and Vice-President of our corporation has left and gone to work for the competition. Now, we're trying to figure out what to do, and I would appreciate advice, opinions, comments from everyone. Please, no one tell me to vandalize the guy's house or anything, k? Well, I might enjoy that so, on second thought, let it rip and enjoy yourself. Details: We have a modular/manufactured homes company that has been in business for a couple of years. Last year we did very well, but the housing and economic down-turn has affected us. The business has not been making enough money to pay salaries for the last 6 months. But, we only have 4 "employees," President, Vice-President, Secretary, and Treasurer, which are held by my husband, our partner, our partner's wife, and me, respectively. We are leveraged to the hilt, owing about a quarter of a million. Our house and our partner's house have second mortgages on them as well as our model/office that we built. We are still in business and have a couple of prospects. If things go through with these prospective customers we will be able to keep our head above water and keep the company. We want to ditch our partner and keep the company ourselves. If business picks up we are even willing to cancel his debt and cut him loose. But right now the debt is there, payments must be made, and his name is on the credit line of $200,000 that is maxed out and needs to be renewed. His going to the competition to work selling houses for them is not good for us, of course. But I have not even been able to wrap my brain around what this really means to us. I am going to write up meeting minutes declaring what has happened, that he has made the decision to desert the company. I am also going to write a letter to his wife, because I doubt that she has a clue what this means to her as a business partner. My husband will be contacting an attorney to discuss our options. Thoughts, comments, legal advice, opinions, all are welcome. I'm a little in shock right now and need to gain some perspective.