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Q.Regarding partnership and legal sharing in firm

Q. Regarding partnership and legal sharing in firm

Hello, so i am starting civil contract work. But being a new firm i didn't get any project. So i thought to meet my friend(as he already have firm which works in civil project) . But there is one problem what if he cheats when he gets payment. I may face loss.
So what i thought personally is , i can get partnership in his company and by getting partnership i may also get partnership in his company's current account(as a joint account holder) .so whenever he withdraw money he needs my signature.
Or second way - we both may have agreement that his company will transfer all the work to my company(as i have new firm) as subcontractor . And will also move all the money to my company's account.
Now(1) i want to ask is there any other way ?
(2) above methods are applicable ? Any of them?
(3) what would you suggest in such situation?
(4) what papers i need to make before starting work or what kind of agreement i need to make ?
(5) your personal advice to take any step ?
Note - i have mutual trust on my friend but in today's time no one is neat and clean ..money makes everyone greedy.
Hope will get better solution.
Thanks
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A. dear client kindly make written registered partnership deed with proper clause with terms and conditions.

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Deepak Bade

Experience: 9 Year(s)

Responded 3 months ago

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A. Dear Client,
There are two things.One is Fact and the other one is Law.
Fact is you do not trust or you have no faith. Better you do not do business with the person concerned.
Law is...
You have go for a Company,Ask him to invest.
Go for proprietorship Firm/Construction Firm.
Go for a Partnership Firm. Have you MOU otherwise.
Build your credibility through quality work with competitive price.
Remember, Construction Industry is the only successful Industry in India at the moment.
Choice is yours.
Shanti Ranjan Behera,
Advocate

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Shanti Ranjan Behera

Experience: 22 Year(s)

Responded 4 months ago

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A. dEAR SIR , YOU CAN GO IN PARTNERSHIP, BUT YOU INSIST FOR A WRITTEN PARTNER SHIP DULY REGISTERED.For details, contact some advocate through vidhikaryacom.

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Rajender Prasad

Experience: 5 Year(s)

Responded 4 months ago

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A. Dear Sir,
Ideas won’t work if you are not straight forward and honest. Better convince your friend to refer some works which he cannot handle. Secondly, you will invite more problems if your friend think other methods to cheat you. Partnership business is very dangerous business.
For full procedure contact me on mobile through Vidhikarya.

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 4 months ago

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A. If u maded any legal documents between both parties. Then it will be possible

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 4 months ago

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Jay singh

Experience: 1 Year(s)

Replied 4 months ago

I didn't make any document between both of us. Thatswhy i am asking what agreement i should make ? What term i should mention?

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