Hello Respected Members
First of all I will like to brief the background scenario of my Query / Question....
One of my relative has offered a Business Proposal /Deal to his daughter, First Party (Father) has a existing Franchise of a clothing brand, he has offered business proposal to Second Party (Daughter).
1) The Second Party (Daughter) will run the franchise as a salaried employee for three years and will pay all the mutually agreed EMI of First Party (Father), through the generated profit from franchise.
2) After Completion of Payment of all the mutually agreed EMI of First Party (Father), by Second Party (Daughter), then the First Party (Father) will transfer the franchise to Second Party (Daughter), and Second Party (Daughter) will be the sole owner of that franchise.
The above communication is done orally. We need to legalize this Business Proposal /Deal.
Now my Question is can the legalization of the above points can be done by:-
1) Making a Gift Deed (Conditional), of that Franchise between First Party (Father) & Second Party (Daughter)
2) MOU between First Party (Father) & Second Party (Daughter)
3) No Objections from Sons of First Party (Father) & Brothers of Second Party (Daughter).
OR if The above way is Wrong
Kindly request you to please provide the way / suggestion to Legalize the above mentioned Business Proposal / Deal.
