Agreement to dissolve firm after a specified time
Jignesh
(Querist) 20 September 2016
This query is : Resolved
My father and my uncle have a firm in partnership with equal profit and loss sharing mentioned in the partnership deed.My fathers' health is very down since last 2 years and he is not able to work.The firm is undergoing heavy losses and there is a huge debt on the firm. One of the debt is a loan of 25L taken from bank.
Now the bank has given notice to auction the property of the firm if loan is not paid(only 20 days left). The value of the property is quite high. So my uncle is continously persuading me to pay half loan amount i.e 12.5L (half he will pay) I have agreed to pay the loan if he stops further manufacturing in the firm and dissolves the firm(since its making heavy losses) and gives us half the property of the firm. ( I have an option of resigning my father from partnership, but in that case he will not get half property of the firm)
My uncle has agreed to sign an affidavit which says that after 1 month we will dissolve this firm in which we will divide equally the property of firm between us and will equally share remaining debts and settle all taxe issues.
Please guide me :
1) What kind of agreement and in what form (affidavit,MOU,MOA,something else) shall i make with my uncle so that he is bound to dissolve the firm after 30 days? ( I will register that in registrar office before paying the amount) I am afraid that as decided, uncle will not stop manufacturing and dissolve business as i know he is very much interested in continuing the firm, may be he is making profits i am not aware of)
2) How should i mention the property division clause in that so that at time of dissolution, property of firm is divided equally.
3) Uncle has showed an unsecured loan in balance sheet in his name around 10 years back which now acquiring interest has grown into 15L. Uncle says he will not claim that amount from me. What kind of clause shall i add that he does not claims that amount later.
Please,I need urgent advice. I dont want to get trapped.
Guest
(Expert) 20 September 2016
Mr. Jignesh,
For proper drafting of the agreement after detailed discussion with your and your father, you have the need to show the audited accounts of your firm also to some banking & property laws expert.
So, better take help of some local lawyer to get the agreement drafted suitably.
R.K Nanda
(Expert) 20 September 2016
Contact local lawyer.
Rajendra K Goyal
(Expert) 20 September 2016
Get all the terms duly incorporated in agreement, take help of local lawyer.
Shashikant V. Patil
(Expert) 20 September 2016
Highlight your all necessities in the said agreement.The said document can be executed under the title of "Mutual Agreement" since you are partner having equal obligations.
Raj Kumar Makkad
(Expert) 21 September 2016
I do endorse the advice of the experts.
