Legal Question in Business Law in India

Hello, i have a partnership firm.I run a clothing store in delhi.we are 3 partners..we are 33.33% partners respectively.

1 year back i added a stock of 1 lakh rupees to the store..i added this stock as a third party.this was my personal investement.And my Partner agreed to do 50-50 of the sales amount once the stock is sold.

Till today ,the stock has been partially sold and store has earned 60 k from it.

How shall i claim my profit from the sold out stock?

1)i shall simply do 50-50..i.e should get 30k in hand . And rest 30k belongs to Store(which actually belongs to all of us 3 partners i.e 10k each, according to me)

WHEREAS MY PARTNER SAYS..that i am not entitelled for rest 30 k (second half of the profit sales and both my partners will do 50-50 from it i.e thet will get 15 k each).

Is my partner correct in legal way..please help?


Asked on 2/01/16, 12:02 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

02.01.2016

Dear Sir / Madam,

Rs. 1 lakh that you infused ought to be treated as your Loan to the firm which could be on interest to the firm. The profit sharing remains 1/3rd share of each of the partners. So, if the firm has earned a net profit of say Rs. 60.000/- each partner is entitled to Rs. 20.000/- as his share of profit.

Regards.

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Answered on 2/01/16, 7:19 pm


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