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Partnership deed

(Querist) 24 January 2015 This query is : Resolved 
Since the year 1995, I am a 50% partner with a stall located within the premises of Ahmedabad (Kalupur) Junction. It came to my knowledge that this stall is sublet to an other entity and we charge a daily rent. Plus all the legal formalities which fall under IRCTC and Indian Railways like licence fees and so on are borne' by us. I do not receive a single penny from the rent . Not only this my ITR is filed yearly. Recently, it came to my knowledge that the partnership deed is not submitted with the Indian Railways and hence I am not entitled to any share from the profit or the rent. The daily turnover is in five figures yet my Capital balance has been showing a negative balance since many years, whereas my Partner's Capital Balance is showing a positive balance. It's a Partnership Firm and obviously has unlimited liability, whereby my other assets and investments are at risk. How can I command my rightful position because it's a joint family business and am just given a merry go round ride. I keep my hopes high to get proper guidance from the CA Club or any other resource. I have tried everything from my side.

Pranaam
Dr J C Vashista (Expert) 25 January 2015
Obtain copy/statement of accounts, consult your CA.
Engage a local lawyer, file a suit for remittance of accounts, demand the due and proceed, if not paid.
Guest (Expert) 25 January 2015
You Could wait for the Reply from CA Club.
Rajendra K Goyal (Expert) 25 January 2015
First obtain all relative documents from IRTC and other departments. Get these scrutinized from local lawyer and send notice for settlement of accounts.
ajay sethi (Expert) 25 January 2015
as 50%partner you are entitled to share in profits . file suit for accounts
T. Kalaiselvan, Advocate (Expert) 27 January 2015
As a partner you are entitled for share in profits, you may consult a local lawyer and proceed as per his advise.
raunaquesinghpthakur (Querist) 27 January 2015
Thanks Lawyers Club
Be ready to tolerate my curiosity

Pranaam
T. Kalaiselvan, Advocate (Expert) 27 January 2015
You are welcome for your appreciations as well as your curiosity.
malipeddi jaggarao (Expert) 02 February 2015
These are not your problems. You are just posting them. Nobody is ready here to tolerate your curiosity. We are here to help the needy who cannot afford to obtain legal opinion on payment. Never try to conduct any tests to the team.
raunaquesinghpthakur (Querist) 03 February 2015
May God Bless you Mr. Malipeddi Jaggarao
Pranaam


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