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Q. partner

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Anonymous

posted 10 months ago

Sir, i and my partner started a business 3yrs back with mine idea and partner invested in condition that he will take his principal with interest till full amount is recovered and then share profit. From the principal 70% amount was used by both the partners to run the business. The business did not go well and we suffered a loss and we filled itr of 2 yrs as losses. The investor partner took guarantee undated cheques from me. Now the business is shut with losses and the investor partner is demanding the entire invested principal with interest.
Please advise what to do and what legal proceeding can the investor partner do.
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A. your query lacks some clarifications, though, as per facts available, nothing much to worry,
the only worry is undated cheque

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Suneel Moudgil

Experience: 15 Year(s)

Responded 10 months ago

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A. Contact me through Vidhikarya for consultation

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ROBERT D ROZARIO

Experience: 15 Year(s)

Responded 10 months ago

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A. In the query it is not clear that whether the partnership is registered or not.If the partmership is not registered then the partners cannot file case against each other.But there are every chances of misuse of cheques taken as guarantee .please be cautious.and consult a vidhikarya lawyer for taking precaution

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SUMSON .T.S

Experience: 14 Year(s)

Responded 10 months ago

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A. Kindly contact or approach to our vidhikarya lawyers office for proper consultation and advise.

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Deepak Bade

Experience: 9 Year(s)

Responded 10 months ago

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Categories
Administrative Law (470)
Adoption (125)
Advertising (59)
Animal Laws (40)
Arbitration and Medi... (50)
Aviation (16)
Banking (593)
Bankruptcy and Debt (201)
Cheque Bounce (424)
Child Custody (166)
Civil (2156)
Commercial (93)
Consumer Protection (583)
Contracts and Agreem... (486)
Corporate and Incorp... (114)
Criminal (1692)
Customs, Excise (42)
Cyber, Internet, Inf... (354)
Debt and Lending Agr... (79)
Debt Collection (178)
Divorce (667)
Divorce and Separati... (1602)
Documentation (316)
Domestic Violence (645)
Election Campaign an... (23)
Employment and Labou... (1170)
Environment and Natu... (31)
Equipment Finance an... (3)
Family (2060)
Financial Markets an... (101)
Government Contracts (57)
Human Rights (278)
Immigration (56)
Industrial Laws (66)
Insurance (81)
Intellectual Propert... (110)
International Laws (12)
IT Contracts (54)
Juvenile (17)
Landlord and Tenant (630)
Licensing (21)
Mail Fraud (18)
Maternity (61)
Media, Communication... (16)
Mergers and Acquisit... (20)
Military Laws (15)
Motor Accident (145)
Muslim Laws (60)
Outsourcing Agreemen... (5)
Partnership (64)
Police Laws (64)
Power of Attorney (75)
Privacy (97)
Property (3032)
Real Estate (433)
Registration (139)
RTI (111)
Sale (61)
Sale of Goods (20)
Sex Crime (142)
Sexual Harassment (6)
Sexual Harassment at... (69)
Software License (4)
Tax (19)
Tax-GST (11)
Tax-Income Tax (26)
Tax-Property Tax (33)
Telecommunication (13)
Torts (22)
Transportation (64)
Trust and Society (N... (89)
Will (144)
Work Permits (33)
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