Need to remove partner from partnership firm
I started a new business in partnership using a MOU with a person who promised to bring funds worth 10 crore for my new project. He failed to get the money. I've heard that if I remove him as my business partner, he may file a legal case against me and then I won't be able to take a loan. The MOU only covers our profits ratio and long term association. How best can I handle this situation to remove him as my partner?
MOU is used exclusively to gauge the intention of the transacting parties before a deal is officially signed between the parties and doesn't grant either of them any rights, unless there is monetary exchange mentioned in it. In your case, the MOU is not enforceable legally and you may terminate it.
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