Dear sirs,
My self anil, from Kerala. I started a business in 2016 in partnership with my cousin and the business is making loss all these years, so I wanted to terminate the partnership. I wish to know the interpretation of below termination clause on which my partnership deed made and registered (only 2 partners in). The land, factory building and all licenses are under my name. The land and plant is mortgaged, which is on the verge of attachment. He made only nominal investment and contributed towards repayment of bank. We are into dispute and being the managing partner, shall i send a notice to terminate the partnership? In such case what is his right of claim?
"The partnership shall commence Twenty First Day of March 2016 and shall be liable to be terminated at the will of the partners"
Thanking you and look forward for a resonse.