×

quesCompany in loss, in need of loan to pay debts.

We started a company a year back on partnership(2 partners) but the company has went on loss and i am trying to sort out issues and run the show by getting financial support.But it is taking time for me to get a loan/fund from some sources.The other business partner is asking for his invested money, i can pay them but i have no money at this point and once i get a loan/fund i can repay. Now how can i handle this scenario?

  • ansAs you have mentioned it is a partnership concern, wherein the liability of a partner is not limited but extends to a partner's personal assets in case of any default. However, the partnership agreement entered into would be required to provide you with better solution. The solution would depend on the clauses entered into at the time of entering into a partnership agreement. Look out specifically for indemnity and limitation of liability clauses.

  • Send a legal notice for recovery of dues @ Rs. 1999/- only


    Know More
  • 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 Recovery 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 Recovery lawyers in India

Similar questions

A relative (cousins brother) has given my name and number as guarantor and borrowed money…
I took a rental car from driven cafe(for self drive) on 5th August for which…

I live in Indirapuram, Ghaziabad. I had applied for Tatkal passport trough GSK Travels &…

Hi Sir/Madam, I had given a loan of amount Rs.3,00,000 with no interest to my…

Recovery Lawyers in India

Advocate Prashant Mendiratta

  Lajpat Nagar 4
 Experience: 24 years


Advocate Prabhjit Jauhar

  Connaught Place
 Experience: 20 years


Advocate Dr.Gubbi S Subba Rao

  K G Road
 Experience: 31 years


Advocate Jaspreet Singh Rai

  Greater Kailash 1
 Experience: 14 years


View all >>

How it Works

Know how LawRato makes legal advice easier and effortless

Ask a Free Question

Post a question and get free advice from multiple lawyers

Talk to a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly