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how to make Partnership Deed with friend in startup


16-Aug-2023 (In Startup Law)
Hi ... we are two partners in business (50:50), both have invested 8 lacs. To execute business operations smoothly, I invested 4L more of my personal money - saying that it is from a friend (and thus a loan which we need to return). After some months of operation, the other partner wants to exit and found a buyer who can buy his stake. Now as part of deal, I am asking that the 4L loan from 'friend' be settled - to which the incoming partner agreed and shared 2L (50%) of his share. The problem is that i am just gettting 50% of my money back (since as partner i am expected to 'return' 50%).
Answers (1)

Answer #1
868 votes
Sir,
After analysing your situation, i think both partners i.e. You and new partner will be constrained by your partnership agreement (if executed).

Since terms and conditions towards repayment money borrowed personally,if settled out in agreement then follow it and if not so them mutual consensus will be good way.

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