FAMILY BUSINESS PARTITION
Saptarshi Paul
(Querist) 10 June 2010
This query is : Resolved
My friend and his elder brother is running one Photo studio which was established by there father who was expired. Now my friends elder brother is not properly giving appropriate (Equal) share of profit from business to my friend and my friend also willing to make partnership agreement with his elder brother but his elder brother is also not agree with that.
Now kindly suggest me what way I can guide my friend and what are the provision of law in this regard.
B K Raghavendra Rao
(Expert) 10 June 2010
It is a disharmony between two brothers even though family business is involved. It has to be solved amicably.
However, if your friend wants to go legally, he should be in a position to establish that the business was started by their father and that the brothers are continuing the business. Your friend may issue a notice to his brother regarding his claims and if it does not yield results, he may file a suit for benefits/profits earned or for partition of property involved in the business.
Girish Vaghani
(Expert) 10 June 2010
Please see that whether the said studio is in the name of father? If it is in the name of father, does he made any will for the said studio. If no will is made, the mother has a first right over it. Try to resolve the matter with the help of mother or other nearest relatives/friends.
You may consult local advocate for the purpose, if matter doed not resolved by mutual understanding.
Saptarshi Paul
(Querist) 11 June 2010
Thank you very much Rao Sir for your valuable advice
