Dear Rajiv Ji,
Its purely depends upon the understanding among you three people !! You can also be included in the cheque sigining authorisation !! its purely business stratic decision !!
In my opinion, a clear understanding will never bring any dispute !! so if all of u are not a part of family member, then keep equal rights in everything !!
but signing in cheques only will not effect ur rights for future action !! so, its not that much important point !!
In fact, I sign on cheques of two private limited companies, however I am not a director in any of these two companies !! Even no other directors(except two others) have the signing power !! I am having more power than other directors but I cannot sign on cheque payment of which is unapproved !!
So its just business routine !! no thing so much for this !!