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Author Topic: Advice on partnership contract  (Read 417 times)

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Offline puneetraj1982

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Advice on partnership contract
« on: March 14, 2016, 07:00:46 AM »
Hello,

I  Person 'A" is planning to do partnership for the period of 5 years with  Person B with following terms and conditions:

(1) Person "A" will give 5 lakh to Person "B" to invest in XYZ business for the period of 5 years.

(2) Person A will give fixed profit of 15000 PM for 1st year . This 15000 will be incresed to 17000 in 2nd year, 19000 in 3rd year , 21000 in 4th year and 23000 in 5th year.
Apart from that, whatever profit made will be taken by Person A.

(3) If Person "B" wanted to break this partnership anytime within 5 years, he has to pay back 10 lakh to person "A".

(4) If Person "A" wanted to break this partnership anytime within 5 years, he will not get anything back from person B.

(5) After the end of 5 years, Person "B" will give back person "A" 4 lakh.

(6) After the end of 5 years, revised contract with new terms and conditons will be made based on mutual conscent of Person A and B.

I will write these terms and conditions on 50Rs stamp paper and will also get it registered.
Now my Question is - Do these terms and conditions suffice ?
In case of any disputes- would this registered stamp paper is admissible in court ?

Kindly suggest

Offline rajgopal sripathi

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Re: Advice on partnership contract
« Reply #1 on: March 14, 2016, 10:55:22 AM »
Hi
Since you are registering the partnership deed separately at the Sub-Registrar office/ Registrar of firms. a 50Rupees stamp paper is fine.
Please note that the registered partnership deed has many advantages and partners are sort of protected if the firm is registered.
Rajgopal Sripathi
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email:rajgopal@legalwin.in

Offline adv.amarnath

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Re: Advice on partnership contract
« Reply #2 on: March 20, 2016, 08:03:05 PM »
The terms and conditions what you said has legal stands but in the long run I don't know how far it will be effective. Interest of Rs.15000/- pr month and so on increase will be great trouble for you in future. Further it is not at all a partnership agreement. The face of the documents says that Mr. A is a creditor or borrower to you and getting interest every month. It is far better to get loan of Rs.5 Lac from Financial Institution rather from him as interest is very high than default.

My suggestion is that not to enter into agreement with these types of terms and conditions. The agreement is also not a Partnership Agreement. It can be challenged at any moment when dispute arise in future.
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

 

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