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You have two components of your relationship. One, are you entitled to anything going forward as compensation? Two, are you entitled to anything because you are a 49% partner? With regard to the first question, since there is no formal employment contract, if you resign your "job" (NOT your ownership), then you would not be entitled to get paid into the future since you are no longer working. BUT, here's where the second question is important. You OWN 49% of this business. So, your partner either must buy you out, which would entitle you to 49% of the value of the business today or you would continue to own this interest in the business. And, you have the option of selling your 49% to a third party if your partner won't buy it.
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