Partners resignation is not received.
Ravi Chaudhary
(Querist) 07 September 2016
This query is : Resolved
Dear Expert!
Please help. I formed a firm asked my friend to join without investment, offered him 49% share and registered a deed. Now he doesn't want to work and asking 2 lacs to sign the resignation. It is 3 months of start of this business and 1 sale. We both have taken loan of 5 lacs and I personally invested 15 lacs. Any immediate guidance will relieve me a lot. Will the dissolving of firm is recommended?
kavksatyanarayana
(Expert) 07 September 2016
How can you dissolve the firm when there is a loan against the Firm? and you mentioned in the PD that your friend's share is 49%. so amicably settle the issue of your friend and before your partner quits the firm, better join one person that may be your family member, then there is no necessity to dissolve the firm.
Rajendra K Goyal
(Expert) 08 September 2016
The liability of friend would not be absolved through dissolution of the firm till loan of Bank is re-payed.
Prepare the balance sheet, preferably introduce another partner, payoff the Bank loan, settle with the retiring friend and proceed.
Try loan for fresh partnership. Can discuss with the Bank to get fresh documents executed after change in partnership.
Kumar Doab
(Expert) 08 September 2016
You can benefit from the advise of experts.
Ravi Chaudhary
(Querist) 08 September 2016
The settlement with friend partner seems expensive as he asks for unreasonable amount of money. To clarify more, he has no investment in the firm.
Raj Kumar Makkad
(Expert) 10 September 2016
If your friend has become greedy then better to file a civil suit for rendition of accounts on the dissolution of the partnership which shall provide you your due share.
Rajendra K Goyal
(Expert) 21 September 2016
In such case approaching law is the way left. If arbitration clause exist, may revoke the same.
Kumar Doab
(Expert) 21 September 2016
Agreed.
If such clause of arbitration exist exhaust it.
