Legal Question in Business Law in India

My father is a founder director of a firm in Mumbai. He has two partners. Collectively as a company they take loans. They also take private loans from my father's relatives(I am aware of it). Recently they sold two offices (one share of my father) and that money was also deployed as capital invested along with sum of loans and private loans. How can I legally ask for financial disclosures in legitimate manner. I am not a partner. If I go to office as a working consultant there are conflicts that only grow. My work is consumed. Only I have difficulty in getting through the highly conflicting phase. Further, I do not want to accept any loan liability that can accrue in case of mishap and I want to separate from my father putting an end to these aforesaid relations.


Asked on 5/31/16, 2:09 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

31.05.2016

Dear Sir / Madam,

If it is a Limited Liability Partnership (LLP) or a Limited Company on the partners / directors remain liable and responsible to settle the debts and liabilities of the Company, unless expressly stated in the loan agreement that their legal heirs also remain liable to settle the firm / Company debts which is unlikely. So, unless you are a partner / director in the firm / private limited company, you in no way remain responsible nor liable for the debts of the firm / private limited company.

Regards,

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Answered on 5/31/16, 8:37 am


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