Partnership Dissolution

4 years ago

Hi, I own a small tattoo studio in Bangalore. And I had built it with a partner, we had a basic rudimentary partnership agreement at will signed and constructed the studio. The brand was mine as I had built it way before we started the studio and my partner came in with a share of capital. The capital was around 60:40 where mine was 40% as I got the brand too. The profit/loss sharing was 50:50. Over a period of time, my partner became very inactive where he comes and does just the basic work and nothing extra day to day activities have not been adhered too. But end of the day he takes 50% profit. Over a period of time, it’s become very difficult for us to address the activities being considered as fair in the partnership so I suggest we evolve the partnership deed to something more concrete where we detail it in a more defined way. As soon as I suggested this my partner said he wanted to dissolve the firm. I seriously want to continue the studio but my partners want to dissolve it. Kindly suggest me what measures can I take as to ensure that I can continue and he can walk away amicably.