Last year in November 2017 we (three of us) entered into an agreement with commercial space owner.Its a registered agreement at Subregistrar office.We agreed to pay Rs 11 lakh as a deposit for space followed by Rs1.2lakh for per month rent.
Then we three entered i to agreement of partnership.It was simple agreement .Here we decided to Share in equal proportion the profit or loss.
Off late I come to realise that we are running into losses .So we discussed and decided to run the firm till the minimum locking period of 2 years .However later on Icrealised that my personal finances are very unhealthy .So I can't even share Rs 40000 which we shared on our firm account to be paid as rent to owner.
Now I am considering to quit partnership .The partnership deed is simple one with allowing any of partners to leave it with 3 months of notice.
will it be worthwhile to exit partnership and stop giving Rs 40000 to cut my personal losses ?Will I have any binding to owner to pay certain amount ?The agreement with owner does not mention any per person amount but it mentions Rsc1.2 lakh rent from all of us together.
what will be legal implications if I quit the partnership and stop paying Rs 40000 requesting other two partners to pay all of amount .
