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Created wrong partnership with a foreigner and now forced to repay
25-Nov-2023 (In Banking / Finance Law)
,i am doing export and import business as 3rd party. one person told me open a office .he wants partner.he is a foreigner but by mistake i opend indian partnership form ,that time also he silent he didn't say anything.he invest some money for my business.starting day he told he said he invest hole amount do business .that's why i started business,suddenly he didn't invest the fund he asking his fund back .now i am facing problem ,i need a solution.how can i clear the issue.
You can approach the civil court to dissolution of the partnership firm. At the same time if the agreement have arbitration clause then you may engage a arbitrator to decide the issue. At present you need not return the amount invested by him.
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Adv. Selvaperumal
Chennai | 100+ Answers
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It is not clear whether you have a written registered partnership deed or it is an oral arrangement. Your partner cannot unilaterally demand return of the capital he invested, unless all the outside liabilities of the partnership are settled in full.
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Adv. Swaminathan Neelakantan
Coimbatore | 400+ Answers
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