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Corporate partners problem as partner wants to open new company
04-Oct-2023 (In Corporate Law)
I and my friend open a Software LLP farm with 50-50 partnership since last 3 years. We have built some products (Software sites it is xxx.com) and one of them getting popular. We did everything through mail besides the formation documents agreement docs with legal paper. One product is getting popular and bringing business. Now partner’s representative wants to open Now partner’s representative wants to open a new company and take this running product (xx.com) without giving me anything. 1. How Indian law can protect me in this regards? 2. If file a case, what will happen to this prod?
The first thing to consider would be the terms of your LLP Deed which determines the rights of the Partners/Designated Partners. Your claim to a portion of the business would be determined according to these terms which would also dictate what would happen in the event of an exit.
To enforce the terms of the partnership deed you will need to approach the courts. Also, you need to look into whether the intellectual property is owned by an individual partner or the firm.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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