Legal Question in Business Law in India

Hi

We registered a company as a normal partnership in sep 2012.We were five members signing the partnership deed however only four members were investing into the business and it was laid down in the deed that the fifth member would be considered the equal shareholder and the investor once he gives the certain sum to each partner.On papers it was laid that each partner is investing 2.5 lakhs however as the business proceeded whenever there was money crunch who ever was able to arrange whatever amount ,did that.However now when the business is at loss no one is ready to put in amount which is required for successful business because obviously few of them have invested more than the other......so no one is left with any option but to shut the business however still the liabilities are to be shared but now liability is not even been distributed evenly and no one is ready to bear it.In the deed there was even a clause of salary to be taken by the partners but nobody did draw any money at any time in entire partnership.......now how can we shut this company and save ourselves from this liability thing.This company is registered as LLC in US however in India our bank account was not opened as LLC ,it was rather opened as Normal Partnership...Please help....and the fifth person who was to be considered the share holder and the investor only if he gives money be counted as a partner because he is not interested in this business and wants to backout.


Asked on 4/22/13, 3:30 pm

2 Answers from Attorneys

dear client..

Need to go through ur partnership deed then only details can be said if possible send me the copy at [email protected]

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Answered on 4/22/13, 11:08 pm
Fca Prashant Chavan Expert Edge LLP

23.04.2013

Dear Sir / Madam,

The partners should settle all the liabilities of the firm and then dissolve the partnership.

Regards,

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Answered on 4/23/13, 2:47 am


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