Partnership Business | Vkeel - Free Legal Advice

*********y

Pondicherry

I am a partner in a business. It is a textile firm. We didn't register the firm in MCA. We just did the partnership registration in register office. Vank account, gst, pan and Bank loan (pledged property) all has my name as 25%share holder as per deed. But the pledged property is not mine and other two have pledged it. I have paid amount in cash. Now I am planning to break the partnership and get me out of the business. I will need my share from it. Will the loan won't be considered for me since it is pledged with others property ? How do I handle it legally?

Expert's Answers(4)

Kishan Dutt Kalaskar 40 years Exp (Retired Judge)
Bengaluru Urban, Karnataka

187 Client Ratings

Dear Sir, Since it is not registered it has to be settled privately and your claim cannot be settled through court.

November 15, 2018
Advocate N Karthikkanna
Madurai, Tamil Nadu

60 Client Ratings

Partner ship deed terms survives.. you univocally have 25% in capital, profit and also in liabilities.. if contrarily agreed in deed then that will survive.. otherwise equity of 1/4th share

November 13, 2018
Advocate N Karthikkanna
Madurai, Tamil Nadu

60 Client Ratings

You partners have to come to a settlement.. And you can remove yourself by registering eviction deed

November 13, 2018