Agreement for financial transection
RUPESH R.H.
(Querist) 24 July 2017
This query is : Resolved
Dear experts !!!!
I am very advance thankful to all of you for prompt and perfect solution
Sir my friend going to start one business for which I am investing the money but we are not partner it's supposed to I will giving him 10 lacs rupees for business and after two months he will return me that 10 lacs and profit so I want to know that how to protect myself legally in this situation and one more thing is he is staying in another state (I am at Karnataka and My friend is in Mumbai)
Sir can i prepared joint venture agreement or loan agreement which is the best option for me since I can protect myself financially.
Please also inform me the stamp paper valuation for each agreement
Please advise me !!!!!
Rupesh
kavksatyanarayana
(Expert) 24 July 2017
as you are getting your amount and extra profit also. so it is better to become a partner with him by executing a partnership deed to do business under one name and get it be registered under Indian Partnership Act. The partners may reside any where but the registration shall be where the business is going. Or a mortgage deed may be executed and registered as the loan amount exceeds Rs.10 lacs.
RUPESH R.H.
(Querist) 24 July 2017
Sir
Actually this business is for two months so we can't go for partnership firm
Further he doesn't have his own property so I can't mortgage the property.
So I want to know could I go for any loan agreement or joint venture agreement since I can protect myself financially.
RUPESH R.H.
(Querist) 24 July 2017
Sir
Actually this business is for two months so we can't go for partnership firm
Further he doesn't have his own property so I can't mortgage the property.
So I want to know could I go for any loan agreement or joint venture agreement since I can protect myself financially.
P. Venu
(Expert) 25 July 2017
You are leading yourself into a tricky situation. The arrangement cannot but a friendly(interest free) loan; everything else depends upon mutual trust for which law offers no solution except that you can take an advance cheque and ensure return of money on the strength of NI 138.
