Unregistered Partnership


A & B entered into partnership in 1989. Later on partnership deed in 1992 & 2002. None of the deed was registered. As per deed A will look after the day to day business of the firm for which he will be paid working remuneration. B being a housewife had no role in business. Neither she had signed any cheques or balance sheets of the firm nor she was given any share in profit of the firm. As per deed A & B will share profits & losses equally. B's capital which is 35Lacs is standing in the books of the firm. Now, A being the working the partner has taken huge amounts of loan in the name of firm by cheque and has given post dated cheques to the money lenders as a receipt. B being was totally unaware of this. As per deed a partner can leave the firm after giving 3 months notice to the other partner so, B came to know about this from the market and gave a 3 months notice to A that she do not wish to continue as partner anymore as intentions of A has become malafide demanding for her share of capital. Can private money lenders make B a party in cheque bounce case? Is B liable? What is the extent of B's liability if she's liable? Is there any criminal liability of B?
 
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subregistrar/supdt.(retired)

When there are two partners and as per terms and conditions of the partnership deed, the two partners shall distribute assests/liabilities in equal shares. But the 2nd partner shall be given profits (there are profits) and shall sign any deed by both.  at that time the 2nd partner has not taken any action or filed case. Now consult local experienced CA who have knowledge in filing cases in partnership business.  Private money lending is contrary to law. so it is not advisable.

 
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