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Author Topic: Advice over Partnership Agreement  (Read 387 times)

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Offline mtj

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Advice over Partnership Agreement
« on: June 08, 2016, 06:53:19 AM »
I was offered partnership in a small Private Limited Company in July 2015 by its director. The offer was 10% of profit, if profit happens to be less than 8 Lakh per annum, I will be given that amount at the end of the year. There was no written agreement, just a verbal agreement was there. As per the agreement, I don't have to invest in the company, just need to do the technical works while he will take care of the business development and interaction with clients. I was also offered the designation of Director. I accepted the offer, and started working on 29th July 2015. I am the only one permanently employed in the company (but no documents with govt). It was understood that I should be staying with him in same flat due to the nature of work and he never told anything about sharing rent or food expenses but offered everything happily. (Rest of the story you can read after question)
Today he agreed when I asked him can he sign in a written agreement which states the conditions that he told on 29th July 2015. It would be of great help if anyone could help me with a template for this kind of partnership. I would also like to know whether a signed white paper with this agreement written on it will be valid enough as a document in case of any disputes that might arise in future.

By the end of the year, business was going bad.Even if the director claims that it is because of technical limitations of the software that we have, from my point of view it was mainly due to the negligence from his part in approving/completing the works after I had done my part, as he was busy on weekdays and weekends with multiple woman.
As one should always be available to provide the support 24X6 and he had the habit of giving work at night and even on Sundays , my life was trapped in our flat which was residence cum office, I used to see sunlight once in a month or so. For us big work comes rarely, but if it comes it will make me spend the entire day and night and the small issues need to be fixed in matter of 2-3 minutes as it will make our clients loose their clients. I used to go to my native once in 3 months for a week, from there also I had to work on occasions.
I was like his live-in gf even before we entered this partnership, so he had got maximum advantage of that till Dec when I started refusing to agree to whatever he say. Till end of this May I was cleaning the entire flat and doing his personal chores as I felt when he give free accommodation and food, I should help him in the  best way I can. He paid 50,000 and 60,000 each when I happened to cry as I didn't have any money with me when my parents ask to get something for them despite the fact that it would need few hundred bucks only, while he was spending thousands for his girlfriends. At times my parents even sent me money so that I could buy some stuff or join driving class.
At the beginning I saw it as my own company where I would be for the rest of my life and was ready to work for anything and was planning to bring in investment from my paternal uncle to expand it further. But later on I realized I will be kicked out of it soon, as he started showing detachment and seeing me as simply a worker rather than a friend/partner as one girl whom he wanted to marry entered his life. Then also I did my best hoping at the end of the year I would get money, so that I could help my parents in building our house. Before starting construction also I had asked for confirmation from him about paying remaining amount by 29th July 2016. I was even rejecting the offers I got abroad for same salary with free accommodation, food and travel, a job at my native for a decent salary and an opportunity to join MS in US, believing his promise to grow the business making sure I get 40 lakh as profit in one or two years.
By April he paid me some more amount making it 2.35 in total. After that all of a sudden he changed, started telling that he will deduct my salary for food, accommodation and everything from the time I started living with him and he cant pay whole salary amount. He also told that I didn't bring any profit to company nor is ready to put any financial help. (My parents told me not to take credit card as he wanted me to take one and let him use it to pay my own salary to me. I know he wont pay it back). He don't have answer when I ask about how much he ignored when I was reminding me about works pending from his side and why he didn't allow me to do the works which I offered him to do on his behalf to avoid delays.
One morning he told me to leave flat and stay in a hostel from that evening and to come and work everyday. (I was someone who was living in a good environment since birth and this was like throwing me into street.) He never gives monthly payment, so I was sure I would have to suffer if I stay somewhere else, that's why I lived despite of the fact that the flat was becoming a place where any strange woman will come at anytime and another guy whom I barely know also stays there, it is one of the most unsafe place for a girl.
I met him during my search for a mentor to enter entrepreneurship, but I learned much more than that about life.

Offline rajgopal sripathi

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Re: Advice over Partnership Agreement
« Reply #1 on: June 08, 2016, 08:56:56 AM »
A start up environment is difficult and many entrepreneur's give up hope mid way.
Now i understand that you are looking for an agreement.
Just to clarify what you want now is an employment agreement wherein the terms of your employment  is outlined in detail.
Please advise.

Rajgopal Sripathi


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