Company 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?
As 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.
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