Partnership Agreement for School. How can i safeguard my interest?
Recently i am starting a school with 3 partners. And we all have 25% sharing in this business. Our one partner have name in the School's Board (?????) and he is a sectary according to board. But we did not registered our name in the board's worker list. According to Documents of School; The school's head is a Secretary. So recently i have talked with a Lawyer about this issue, so he said that "The School is not a business, it is a social work", So you can not make a partnership agreement. Please help me and let me know that how can we make a partnership proof for future security.
This question has been answered by one of our lawyers. See answer below.
The proper recourse is to register your school as a society. The by-laws of the society would indicate the management structure as well as the salaries and compensation arising out of the profit to all the stake holders, with agreed stake holding. The conditions that you and your partners have agreed upon, can be incorporated in the by- laws of the society and a management board can be constituted under it. Whereupon you can incorporate the conditions to make the person of your choice as the Secretary or Manager or whatever.
Advocate Ahmad Shazeb AzharKaiserbagh, Lucknow
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