The leaving partner invested $425 and the working partner contributed a like amount in labor. So that represents $850. What you have in the bank in excess of $850 would be split 50/50 and the leaving partner would get his $425 back. You have too little of a track record to consider future earnings since the amount you have generated is minor.
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You have gross revenues of $1,000 per month. That does not take into account the value of your services working for the company. If you paid a normal salary of some type using minimum wage you probably are generating barely enough to pay salary. That is what you have to consider. You friend is acting like nobody has to work for the company to generate the revenues. Put a salary on your time, deduct that from the gross revenue, then deduct something for website maintenance will you need to plan for. What is left is your profit if any. That is why I said what I did.
For example if you put in 20 hours a week or about 85 hours a month at $10 an hour the salary would be $850. Add 15% for the company share of social security, etc. ($127.50) and your profit is about $22.5 per month. There is no profit to multiply. Give him the $1,187.18 he has in the business. Beyond that this business is marginal with no real history of success worth talking about. It is all futures and hope. It has no current value.
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