Partnership

This query is : Resolved 
 

Online (Querist)
24 December 2014

I am lending someone money for business purpose. He will share profit with me. However, we are not making any partnership agreement rather we are making only court stamped document treating the amount as "borrowing". Or should i opt for taking undated security cheque which can be bounced in case borrower default?

What is the better approach? Court paper or cheque?


Isaac GabrielOnline (Expert)
25 December 2014

I tis neither partnership nor Joint venture.Better lend the money through promissorty note.

Devajyoti BarmanOnline (Expert)
25 December 2014

Partnership documents should always be incorporated in writing on stamp paper of Rs.50/- as it is widely done in WB.

Dr J C VashistaOnline (Expert)
25 December 2014

I agree with the experts, however, if you are a money lender you must seek professional services of a local lawyer to protect your interest and advise & guide you properly.

Rajendra K Goyal Online (Expert)
25 December 2014

If you do not want to enter into partnership, give money through promissory note.

prabhakar singh (Expert)
25 December 2014

ARE YOU A REGULAR LENDER?

IF YES! THEN GET YOUR SELF FIRST REGISTERED.

IF IT IS SOLE OCCASION FOR YOU TO LEND,THEN
GET A PROMISSORY NOTE EXECUTED BY DEBTOR TOGETHER WITH AN AGREEMENT MENTIONING DETAILS OF POST DATED CHEQUES GIVEN IN PAYMENT OF YOUR LOAN AND AGREED INTEREST.

Shailesh Kr. ShahOnline (Expert)
25 December 2014

in addition to above reply, it is advisable to take services of professional in this regard with all relevant papers.

Vidhi JoshiOnline (Expert)
25 December 2014

It won't be considered as a partnership unless it has appropriate partnership classes in the same..... What you are entering into is called promissory note.

ajay sethiOnline (Expert)
25 December 2014

take promissory note from borrower . obtain money lender licence

T. Kalaiselvan, Advocate Online (Expert)
26 December 2014

Observe the formalities of proper money lending business if you want the lent amount to be safe and secured.



You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :









×

Menu

Post a Suggestion for LCI Team
Post a Legal Query
Forensics & Evidence     |    x