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To be fair, you should split tilt the total earnings 50-50. Just because you did not have a partnership in writing, the state will apply one to you by default. If you both put in the same amount work I would say to pay the start up expenses and then split the profits. But since you brought the labor and he brought the start up capital, split the earnings 50-50. Then it would be in your best interest to dissolve the partnership and start your own. If I were in your shoes and my partner approached me in the sense of buying him out I think I would laugh.
An informal partnership will not have the same type of value he is thinking with buying businesses for three times their worth. This is only for successful businesses with promised profits in the future. I'm not trying to belittle your business but at this point with only having $3000 profit, neither one of y'all would be in a position to even go to court and fight it out. It would cost you at least three of $500 just to get in small claims court.
Worst-case scenario, dissolve and start your own formal business entity.
I hope this helps, please remember to accept if my answer was useful psyching get credit for my work.