2 years back I formed a partnership with new partner and it ran well to some extent but now we are dissolving the partnership and my partner is asking for refund of his capital invested claiming he was sleeping partner but he I am of the view that he is an active partner as per I think when I see in the agreement which we had. He also failed to manage his activities and canít bring revenue to the business. Also he started property projects from the same premises and never shared accounts or share with me. Below are some important points from that legal agreement document for you to answer please:
- Where as both parties agreed to form a partnership on the terms and conditions mutually agreed upon in doing business of I.T under the name and style of "IT company name" and Education academy with the name of "Online academy name" and all other sort of business.
- That first partner (this is me) is smoothly running business of IT which the second partner has joined by making an investment of 7,00,000.00 to become equal partner.
- That now the profit and loss of the said firm to the extent of first party's (me) 100% share will be as under:
a. First Partner : 50% (this is me)
b. Second Partner : 50%
- That the nature of business of the partnership shall be "IT and Educational Academy" or any other business which the partners can lawfully carry on and which they mutually agree from time to time.
- That the bank account of the firm shall be operated by jointly or in such manners as the partners may decide from time to time.
- That first partner (this is me) shall be responsible for I.T related work and management of firm's affair and may assign duties among himself by mutual agreement and understanding and he is also entitled to get salary package against the earnings generated.
- That second partner shall be responsible for Educational academy work and management of firm's affair and may assign duties among himself by mutual agreement and understanding and he is also entitled to get salary package against the earnings generated.
- That both partners shall attend diligently to the business of the firm and help to carry on the same for the greatest advantage of the partnership.
- That duration of partnership/firm will be at will.
- That the firm on dissolution shall be wined up and assets shall be applied, firstly in discharge of the liability of the firm/partnership, second in payment of partners of their current account and contributed capital and lastly the balance shall be divided between the partners in the ration settled above.
1 Answer from Attorneys
you have detailed the facts but have not mentioned what do you look for in dissolving this partnership, as a partner who according to you were active in business and the other was not.
you may contact me on my cell between office hours..
Related Questions & Answers
Hi if some one win case in Pakistan and the person who lost case show in court that... Asked 11/30/10, 11:49 pm in Pakistan International Law
My question is in regards to pakistan laws on multiple marriages and divorce with... Asked 10/27/10, 4:23 am in Pakistan International Law
What is the definition of International Law and who is the authority to regulate... Asked 4/01/10, 1:11 am in Pakistan International Law
Teenager should teenager take their own decisions? Asked 7/08/07, 7:42 am in Pakistan International Law