Dear sir
My father and uncle have been in partnership for more than 50 years in various businesses. Now time has come for seperation.
Almost everything has been mutually settled except few things with regards to running retail business
1) We have business Auto & Cloth
MY Father will take Auto and my uncle will take cloth. Auto has own land (under mortgage) and cloth's land is under litigation for ownership.
Since both businesses are not equal, Cloth will give 12.5% of the future Asset value to auto if the litigation is in favour of the cloth. If cloth loses he doesnt have to give anything.
As per my fathers knowlege there is no liabilities and he has already sold about 30 acres of land to settle his liabilities. There are couple of other partnerships as well which is dormant.
PLus my father and uncle bought a property with joint money and built houses on it. sinc emyself and my father were abroad we were not able to monitor it. Now the house is 10% bigger and also my uncle has 60% of the land to our 40%. The property is still under debt . about 65-70% debt has been paid.
As an agreement he has decided to sell his land and house and has agreed to compensate for 3 cents of land within 6 months.
My question is : - How to make my father liability free from any prior partnerships, How to write an agreement for the 12.5% asset value in the future. Is there any loophole in which my uncle can find without paying the compensation. How to write in agreement for the 3 cents of land. Can an agreement be made covering all the above points. I will be meeting a lawyer but want to have full knowledge before i go in for the meeting.
Thanks
Rbhai
