Legal Question in Business Law in India

Hello Sir/Madam

My name is Ankit Gupta and i m MBA in Marketing and PGDBI in finance. Now i am planning to start my own busines in service sector. Exact nature of our business is related to outdoor media, print media and Event management. And i wanted to start it in partnership with my friend on 50-50% profit and loss basis. In our busines both of us depend on each other. As order will be generated by me and fulfilment will be done by my friend. Both of us entering into the partnership in the name of our respective mothers. As i have no idea regarding partnership laws. My questions to my hounourable and respected lawyers are:

Ques: Please suggest me some guidelines which i need to be taking care of while making a partnership deed or contract.?

Ques: Any special clause which i must have to add in partnership deed which give me some security from any default or breach by my partner?


Asked on 11/09/10, 12:51 am

3 Answers from Attorneys
Vishwa Arya Arya & Co.

first, since you both are going to be actively involved why involve mothers. It may be good for you both to be partners. Secondly, it may not be bad idea to go for Limited Liability Partnership

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Answered on 11/09/10, 1:13 am
Vishwa Arya Arya & Co.

first, since you both are going to be actively involved why involve mothers. It may be good for you both to be partners. Secondly, it may not be bad idea to go for Limited Liability Partnership

Read more
Answered on 11/09/10, 1:13 am
Vishwa Arya Arya & Co.

first, since you both are going to be actively involved why involve mothers. It may be good for you both to be partners. Secondly, it may not be bad idea to go for Limited Liability Partnership

Read more
Answered on 11/09/10, 1:14 am


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