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ask_a_question

Darshan CMD

Posted 3 months 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.

A. Dear Sir,
If it is registered partnership firm then any of the partner can exercise his rights legally you may get issue a legal notice expressing your intention not to dissolve the firm and would like to continue and also would like to settle the accounts of outgoing partners.

Please take PAID phone call with me through VIDHIKARYA and get more legal guidance.
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Mohini Saini

Posted 4 months ago

Why business owner open a firm and do not submit any accounts and no tax details

A. It will be depends on person . Need brief fact about it
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Anonymous

Posted 5 months ago

I along two persons initiated a partnership firm under partnership act. This firm was a chartered accountants firm and accordingly registered with Institute of chartered accountants of India 3 years back. Accordingly all partners had right to practice and sign in capacity as partners for the firm for clients. Due to some regulations institute removed my name as partners and due to which other partners are contending that i don't hold any rights on the firm profits which was created under partnership act and even for the works conducted by me till the time I was partner as epr ICAI as well. Query 1 : am I partner of the firm as per the partnership act even if ICAI has removed the name Query 2: do I hold right on the money earned by firm till the time I was partner

A. Dear Sir,
Being a partner irrespective of your status with ICAI you are entitled for a share in profits.

Please have PAID phone call with me through VIDHIKARYA and get more guidance.
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Parveen Kaur

Posted 9 months ago

I have a male friend , both he and me are having unhappy marriages my husband is money minded and our relation have never been existed we just moving on tag in society i am working for myself running a school . Same is with my friend his with emotionally abuses the him dominates and even hurts him physically and even threats him she would suicide and put his name if to police if he dont move according to her . He has become mentally disturbed at extent . We both want to escape from this false and fake life and move with each other on legal basis and bond with marriage . Is there any way out please give advice .

A. Respected Sir/Madam,
Yes definitely, you can get marry with each other and spend life happily by taking divorce.
Kindly contact for more details
Adv poonam #AdvPoonamSapate#FightForJustice
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Shreyash  Mohta
Shreyash Mohta Experience: 2 Year(s) Kolkata
Kishan Dutt Kalaskar Retired Judge
Kishan Dutt Kalaskar Retired Judge Experience: 34 Year(s) Bangalore
Suneel  Moudgil
Suneel Moudgil Experience: 16 Year(s) Panipat
Dear Sir/Madam My neighbour and his friend had a running pre-school in partnership. After 2 years he had closed down the school and approached us for buying it. After lot of thinking we thought instead of buying we will reopen and work as partners. So we invested 10 Lakhs. So we three partner resumed the pre-school. There was an existing registered Trust deed of school which was already registered as non-profitable organisation. So after passing a resolution through a Trust meet I was added as Trustee with Treasurer responsibility. But on profit sharing and investment we had only a separate MOU and it was agreed through emails among three of us. But it was never registered or signed in a stamp paper. I was also added as a joint account operating person in Bank as joint signatory of Trust account of school. We Successfully grew from 0 to 75 children. But from day one we had misunderstanding in running the operations of school. After tolerating for 3 years I decided to exit. Then my neighbour realised without me school will shut down and used all tactics to retain me. Finally I sent a resignation email with a condition that I will exit from Trust after my settlement of investment. Neighbour raised points like I have to sign a new MOU that I will not open new school. As it was never a condition signed any where I did not agree. After lot of discussion the partners agreed to pay back 6L against my investment of 10L vide post dated cheques in a week. This was documented in a MOU and agreed on mail and about to be signed. But after a week they changed their mind and came back with new thought such that since school is registered as non profitable Trust they don’t have to pay back any. Also they two (partners) sent a mail that my resignation is accepted and passed a resolution to remove me from Trust. This new resolution was produced in bank and they got me removed from bank’s joint signing authority from School Trust operating account. This was a clear breach of what they agreed. But I have all evidences of profit sharing including bank statement. I also have audio recording of all the agreements made in recent meeting, Also I see many of the whatasp messages they sent have been deleted by them to remove evidence. Also Bank is now saying they removed me from account based on Trust deed and they don’t have any rule verify / intimate me before removing from signatory of Trust operating account as the Trust deed is empowering them from removing me as Trustee and bank has to only see the Trustee resolution document to remove or add any one. Kindly advice how to proceed on this with my partners. Also please suggest if banks stand is correct one.

A. the bank is correct,
you do not take legal advice when it was most needed,
anyway,
now any advice can be given after going thoroughly the documents since you entered in the TRUST and till your resignation and maybe till today,
a detailed discussion after going through documents will be fructify for you,
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Description sir, need advice on partnership firm agreement, whether other partner is laible to pay loans or debt of other partner which he has taken in his personal name. plz advice

A. Dear Sir,
If it is personal loan of another partner then you have not liable to repay such loans.

Thanks.
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Anonymous

Posted 11 months 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

A. Dear Sir,
You have to file suit in Civil Court.

Thanks.
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Anonymous

Posted 1 year 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 ?

A. Dear Sir,
Lodge police complaint and also put a civil case for recovery of amount.
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Suneel  Moudgil
Suneel Moudgil Experience: 16 Year(s) Panipat
Sunil  Bakshi
Sunil Bakshi Experience: 5 Year(s) Jammu
Rameshwar  Dadhe
Rameshwar Dadhe Experience: 4 Year(s) Aurangabad
ask_a_question

Anonymous

Posted 1 year 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.

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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Suneel  Moudgil
Suneel Moudgil Experience: 16 Year(s) Panipat
Junaid Ali Khan
Junaid Ali Khan Experience: 3 Year(s) New Delhi
Junaid Ali Khan
Junaid Ali Khan Experience: 3 Year(s) New Delhi
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Anonymous

Posted 1 year 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?

A. Dear Sir,
You have to file a Civil Case seeking appropriate reliefs.
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