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Need information regarding partnership agreement


12-Jun-2023 (In Startup Law)
Hello Sir, I have invested some money with my friend in trucking buisness. The trucks are on his name i paid him all money through check we didnt made any partnership deed. He didn't let me involved in any buisness. He told me that i get to know the technique of buisness. He is not giving any balance sheet details from last 5 months. Now when i have asked for my money back he is telling me take a truck. I dnt want that as it is in debt with pending installmeants and he is telling me to return my money after 6 months. I have asked for interst he is telling no to me.the buisness is running in loss n we dnt know any details how. Note-we had buyed 2 new trucks on his name in the same year. His father is the co-borrower and his father is a bank officer.
Answers (1)

Answer #1
803 votes
If you had paid him all money through cheques then it's beneficial to you; you can file a civil suit for the recovery of such amount by showing that such amount as a loan for the business and that can be proved from the same amount paid for the purchased of the trucks.
If the loan of the trucks is passed by his father or with the help of his father then you can file a Criminal Complaint against him and his father that by making collusion they have cheated you and show the whole transaction as a cheating process.

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