Partnership

Shakeel (Querist) 24 December 2014 This query is : Resolved
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?

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Isaac Gabriel (Expert) 25 December 2014
I tis neither partnership nor Joint venture.Better lend the money through promissorty note.

Devajyoti Barman (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 Vashista (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 (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. Shah (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 Joshi (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 sethi (Expert) 25 December 2014
take promissory note from borrower . obtain money lender licence

T. Kalaiselvan, Advocate (Expert) 26 December 2014
Observe the formalities of proper money lending business if you want the lent amount to be safe and secured.

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