Are verbal agreements binding prior to registering as an LLC? What if one partner fails to perform?

We had agreed to be equal partners to a start up business, I have provided the intitial start up funding and the other party was to procure the operating capital. He has not been able to honor his end of the agreement. I have found a partner that can provide the operating capital and I have offered the other person 10% ownership as a result. He is now acting immaturely and threatening to "sabotage" the business. What is my recourse?