Buying a partner out - What is needed?

[OrganicOne]

I wasn't sure where to post this, but since several domain sale questions are placed here; I thought this would be the best bet.

I have a domain that is doing moderately well, however this is split between 2 (myself and this other guy). We originally teamed up since he is a great writer, however over time managed to lose interest in the site.

With a small amount of work the site will have great potential, however I do not want to go through this process myself just to split the profits. So long story short I offered to buy him out, which he gladly accepted. My question now is, what do I need to do to ensure that this won't fuck me down the road?

The domain, hosting, and all software licenses were purchased by me and in my name. He has not reimbursed me for these, and has also kept the revenue the site has made since it was established. I have written up a contract which I will have him sign, but is this enough? Do I need a witness?

 

[kouzmanoff]

You need a lawyer.

 

[DanielQ]

Was there a written agreement prior to this? If it was just a verbal partnership and it's already in your name, you technically don't need anything.

 

[abhorrent]

The domain, hosting, and all software licenses were purchased by me and in my name. He has not reimbursed me for these, and has also kept the revenue the site has made since it was established. I have written up a contract which I will have him sign, but is this enough? Do I need a witness?

If you paid for everything, and he kept the revenue the site has made, what exactly were you getting out of the "partnership"?

 

[OrganicOne]

You need a lawyer.

I really? Would I need one if I sold the site on sitepoint? While this may be recommended, I doubt it is required.

Was there a written agreement prior to this? If it was just a verbal partnership and it's already in your name, you technically don't need anything.

Nope, completely verbal (honor system). But is this really enough to ensure ownership? We are on good terms, he has agreed to the buyout; I just want to make sure he doesn't come back 6 months after I dump money/time into the site and want a piece.

If you paid for everything, and he kept the revenue the site has made, what exactly were you getting out of the "partnership"?

He was supposed to write articles daily, along with a few other non-technical things. He did write quite a bit, however it just faded as time went. Things got a bit complicated, and I just let him keep the money the site was making. Whats done is done, and now I just want full ownership of the site.