Apni Law Staff asked 1 year ago
My two uncles and I have been partners in a business since 2004, with a profit sharing ratio of 15:15:70. The agreement also outlined a fixed annual remuneration of ₹500 for me and my uncle, and ₹2,000 for the other uncle, along with a 12% interest on capital. Due to our close family bond, my uncle and I haven’t claimed any profit or remuneration since the start. However, a dispute has arisen, and my uncle has started a similar business in his wife’s name as a proprietorship in 2010, despite the partnership agreement stating that no partner can start a similar business without the consent of others. We are now looking to dissolve the partnership. Can we claim our accumulated remuneration, profit share, interest on capital, and the capital contribution with interest? Also, given the breach of the agreement, can we claim a share of the profits from the proprietorship? The partnership is unregistered. What legal steps should I take to ensure our rights are protected, including potentially stopping his business and freezing his bank accounts?
Best Answer
Apni Law Staff answered 1 year ago
You can claim accumulated remuneration, profit share, interest on capital, and capital contribution with interest, as per the partnership agreement. You may also be able to claim a share of profits from the proprietorship business due to the breach of the agreement. You should consult a lawyer to file a suit for dissolution of the partnership and claim your rightful share of assets, seeking injunctive relief to stop his business and potentially freeze his accounts if necessary.
Please login or Register to submit your answer
