Legal Question in Legal Ethics in India
Planning to form a TRUST with the group of 21 friends , We are planning form a trust to get benefit from it , is it possible to get personal benifit by purchasing plots , houses etc ? Is this a right way to invest the money ?
2 Answers from Attorneys
No it is not the right way to invest, trust are formed to hold the individual's property subject to certain duties to use and protect it for the benefit of others.You may form partnership firm.
04.04.2014
Dear Sir / Madam,
There is a good saying in English : "Before borrowing money from a friend, decide which you need most". Although there is another saying in English : "The more, the merrier"; it doesn't necessarily work well in business, simply because decision making gets "crippled". And in any business, you earn your share of income / profit as your benefit provided the business is successful. In my opinion, forming a limited Company by engaging a local Chartered Accountant is a better option.
Regards,
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