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Anonymous
Posted 1 week ago
Respected Sir, I had invested Rs. 165000/- in an Bakery shop near my house which i used to be a customer for more than 5 years as requested by the owner. The owner promissed to pay Rs. 7000 every month ( had given and parnership agreement) last 4 months he didnt pay and last few weeks he is not opening the business. Now heard he has to pay several people and also taken from Financiars. Please advise what needs to be done
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A. Dear Sir,
You have to file suit in Civil Court.
Please call me and take legal consultancy on my mobile through the administrators of this website.
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Anonymous
Posted 1 month ago
mere husband ka partner tha usne 5 sal pahle mere husband ko apni bato me leke mere sasur k retirement fund mese 15 lakh cash le liya hum law k mutabik apna paisa vapas pa sakte hai ?
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A. Dear Sir,
Lodge police complaint and also put a civil case for recovery of amount.
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Anonymous
Posted 1 month ago
I funded a small business in 2014 under a partnership agreement with my neighbour. My wife was the partner in the newly formed firm ( for electrical goods viz fans, lights, geysers etc..)but it was an understanding among us that my neighbour would pay us 1000/- per month per lakh as interest for the 11.3 lakhs contributed by us. He paid for some time about 1 and half yrs, but then according to him the market for retail electrical goods slumped, then demonitization and later GST. Now he has stopped paying any money. My neighbor is continuing the business with his original firm and had transferred goods worth 8 lacs to his original firm which was functioning at the time of forming partnership. How can I wind up the firm, or and get back the money ( my claim is with interest for 2 yrs ). My neighbour who initiated the whole affair has expired and his son ( who is the other partner) is continuing. I have obtained details of all bank transactions, cheques issued to the extend possible. Also, one cheque has been dishonoured which requires payment. ( both my wife and other partners were signatories). Every year I.tax has been filed by my wife including renumeration from the said firm for 2 yrs.
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A. Dear Sir,
If you have bounced cheques you may immediately file a cheque bounce case or file a civil suit for recovery of amount.
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Anonymous
Posted 3 months ago
I bought shares on stamp paper (beginning of a private limited firm) (2017). Now the firm is making good money but my share is not coming. What should I do?
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A. Dear Sir,
You have to file a Civil Case seeking appropriate reliefs.
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Jugal Thakkar
Posted 3 months ago
Dear Sir/Madam,
In case of Partnership Firm can we divide profit amongst partners in below given way,
1) Partner A will have Share on 35% of the Profit.
2) Partner B will have Share on 35% of the Profit.
3) Balance 30 % of the profit shall be distributed amongst the partners in proportion of the amount of business brought by the partners.
Regards,
Jugal Thakkar
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A. Respected Sir,
What share you have decided in the Partnership Deed / Agreement.
But yes if it is mentioned in your agreement you can share according to that otherwise make modifications in your partnership deed.
and agree on given % for profit
For more details and to change your profit % Contact
Adv Poonam Sapate
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Nipun Kumar
Posted 6 months ago
Our firm partnership firm when partnership deed executive one partner introduction his capital as his balance sheet of year1987 in balance sheet in which his all asset and liability comes in partnership firm second partner introduction rupees one lac but deed of land remain his name but his land valuation added in partnership firm as his capital and firm running in year 2003 -04 he transfer land and building of firm of asset side into his personal balance sheet without sharing land and building valuation to other partner or firm balance sheet and after his dead in 2006 his son comes in his place as partner in firm and he motation and land rent recipient in his name in place of his father now firm land acquired by government of india for nhai road construction and he claim for total compensation for land and building of firm in his head . At this position the second partner can get his share on compensation or not because first party sharing 51% and second party sharing 49% kindly reply me fast as district land officer paying compensation to fist party fully as he produce land document and land rent recipient in behalf of title of compensation amount what second party can do for getting compensation as money of firm investment in land and building of firm after 1987 to 2003 ? Is second party claim for compensation or not or he will liable to get his share in compensation amount or not kindly help reply fast
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A. dear client kindly provide terms and causes of the partition deed because without seeing the same I am unable to give accurate legal advice.
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Anonymous
Posted 7 months ago
DEAR SIR,
I WAS WORKED IN A COMPANY NAME M G IMPEX PRIVATE LIMITED FROM 2008 TO 2017. I HAD JOINED THERE AS ACCOUNTANT. MR SUNIL AGGARWAL IS THE OWNER OF THE COMPANY.
IN 2012 HE CREATE A PARTNERSHIP FIRM ON THE NAME OF HARSH FABTEX AND INTRODUCE ME AS 1 PARTNER AND 2ND PARTNER IS MY COLLEAGUE MR VIKAS SAINI. MR VIKAS SAINI HAS LEAVE THE JOB FROM M G IMPEX IN 2014.
IN 2015 SUNIL AGGARWAL OWNER OF M G IMPEX AND HIS FRIEND MR SUNIL SINGH NEEDS FUNDS FOR HIS REQUIREMENTS AND THEY APPLIED A LOAN FOR RS. 200.00 LAKH IN SYNDICATE BANK AND SANCTIONED THAT AMOUNT AND THEY USED THAT AMOUNT. BEFORE THAT SUNIL SINGH'S WIFE MRS. KUSUM SINGH AND HIS FRIEND MR. MANVEER RAWAT INTRODUCE AS PARTNERS IN HARSH FABTEX. IN AUGUST 2016 I REQUEST THEM TO RELEASE ME FROM AS DUMMY PARTNER AND THEY REMOVE ME AS PARTNER AND INTRODUCE SUNIL SINGH AS PARTNER.
AFTER MODIFICATION PARTNERS ARE 1) SUNIL SINGH 2) KUSUM SINGH AND 3) MANVEER SINGH AND THEY SUBMIT THE MODIFIED DEED AT BANK.
IN FEBRUARY 2017 THAT ACCOUNT WAS NPA.
IN THIS REGARD PLEASE SUGGEST ME WHAT CAN I DO FOR SAFER SIDE I WILL NOT COME IN TROUBLE DUE TO THIS.
PLEASE ADVISE
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A. Kindly share the partnership deed to get better solutions.
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V Shankar
Posted 8 months ago
Is it allowed legally in India to raise funding for a LLP through crowd funding. If not which construct allows for crowd funding.
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A. Dear client the answer of your question would be depend on the type of crowdfunding. Equity Crowdfunding, specifically digital equity crowdfunding platforms, is illegal. Reward-based crowdfunding and donor-based crowdfunding is not. The Securities and Exchange Board of India (SEBI) has issued laws on digital equity crowdfunding in India as “unauthorized, unregulated and illegal”.apart from this Donation Based Crowdfunding,Rewards Based Model,Equity Model,Lending Model are currently popular into investors.but combining equity plus reward based structures can immensely go a long way in attracting an investor.
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Tanu Shree
Posted 8 months ago
Sir, we own a pharma company in partnership of 3 members. All documentation is in my uncle's name. Recently, one of our key partners was having issues with the company having a marketing manager. The partner has less experience in the field and so there was requirement of a marketing expert in the company. But the partner is insisting upon that he alone will see the market part, but it is clear that he is not capable enough to run marketing single handedly. He invested 50 % in the company in the beginning, put a lot of effort to bring up the company along with my uncle. But, now he has left my uncle with just two options, either to handover the company to him, or pay him the capital he invested. Presently, company doesn't have any investor and company is not capable to pay him all his money. What should we do now? He tricked my uncle into this phase, and he is forcing his decisions and options. My uncle is quiting the company with a sinking heart as he put a lot of effort through discussions and meeting,but all in vain. The partner is clearly betraying on no ground and at such growing time of the company. What can we do now to save the company in our hands? Is there any penalty provision for such a betrayal by the partner? Kindly help please
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A. A partnesrship is run by majority. If you are also a partner then you can side with your uncle to oppose the other person.
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Anonymous
Posted 9 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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