Legal Question in Business Law in India
I got in partnership with a partner for a restaurant.
I paid to get 30% stake within .
I got a bond signed for this and it's a 2 year bond which says I have 30% and the bond is valid for 2 years and if everything is ok it would be extended else I will move out with my money .
Now after 2 months I got to know that my partner who owns 70% has a loan taken on the restaurant.
So am I liable to pay it ?
what should I do ?
Asked on 7/14/23, 4:12 am
1 Answer from Attorneys
Loan taken prior to your joining is strictly not your liability but if loan is required to be repaid as on today then you will also be held liable as on date you too being partner of the firm. Only your resignation is the way.
Answered on 7/14/23, 11:26 pm
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