quesNeed 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?

  • ansMOU 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.

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Corporate Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Corporate lawyers in India

Similar questions

I am one of the two active directors of our private ltd company. Three years…
Hi, We recently registered a company, as Pvt Ltd, but due to unfortunate events, we…
I am not aware that I was made a director or share holder. I joined…
can a practicing lawyer become a shareholder of a business. can a practicing lawyer become…

Corporate Lawyers in India

Dr. Sudhir Ravindran

 Experience: 18 years

Advocate Ayantika Mondal

 Experience: 8 years

Advocate Sukhwinder Singh Rai

  District Court, Ludhiana
 Experience: 17 years

Advocate Sunil Dalal

  New Friends Colony
 Experience: 20 years

View all >>

Quick Consult

Get 15 Minutes of Expert Legal Advice on Phone right now

Ask a Free Question

Post a Question online and get free advice from multiple lawyers by email

Find a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly