What to do if my partner does not give me profit for 18 months

608 votes

dear sir aap ko chahiae ki aap oor aap ke partnership ka written agreement nahi hai t aap pass jo bhi document ho aap lekar office par mile.

Advocate Ravishankar Vijay Mishra LawRato

970 votes

The only requirement is that in the absence of a written agreement, partners don't draw a salary and share profits and losses equally. Partners have a duty of loyalty to the other partners and must not enrich themselves at the expense of the partnership. Partners also have a duty to provide financial accounting to the other partners. For example, if you're in a partnership, you cannot make a deal to buy from a supplier at an inflated price with the understanding that you will receive a kickback from the supplier. It's a violation of your duty to the partnership, and your partners can demand an accounting from you regarding the deal. If you're found to have violated your duties, the partners can sue you for damages and strip you of your profits from the deal. On the other hand, if you simply make a bad deal by signing a contract to pay a supplier an inflated price, the partnership will be forced to accept the deal. One of the potential drawbacks of a partnership is that the other partners are bound to contracts signed by each other on behalf of the partnership. Choosing partners you can trust, and who are savvy, is critical. The only other rules would be found in a written partnership agreement. Such an agreement could outline procedures for making major business decisions, how profits and losses will be split, and how much control each partner maintains. You need to file a complaint against your Partner.

Advocate Dhananjay Ravikant Gangawane LawRato