Yes you will have the rightful share in the same. You can approach court to get the same
Sharing of assets and liabilities if we don't have documents to suffice investment amount
I had a shared business relationship with a friend in retail pharmacy business.The relationship turned sour after 1.5 years after which we decided to liquidate the business. Our investment was demand driven and as such we don't have any legal documents to suffice our claim However I have made a record of my investment amount for my personal reference. Now my friend is delaying liquidation because of no reason. Can I seek the amount derived from here through legal documents if the first party turns rogue.
Asked 6 years ago in Business Law
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7 Answers
How was money transferred by you ?
2) it appears no partnership deed was executed for partnership with your friend
3) you can issue your friend legal notice to return your money invested by you
4) contact a local lawyer
If you have contributed the funds through bank to the said business, it will help you.
Since you do not have any Agreement / Deed of said business, you issue notice through local lawyer asking for refund of your contribution and liquidation of the said business.
In case if he fails to respond, you may have to file case before concerned Court.
Why you bothering about him, you have record of your investment. Recover the same and rest left for him. Only make sure, liquidation should of assets should not less to market value.
issue a legal notice to your frnd with the help of a lawyer demanding to settle the matter at the earliest and refund your money. if he fail to reply then approach before civil court.
Dear
If your friend is not taking initiative for liquidation of business then you should serve him a legal notice through your advocate for refund of money paid by you along with the profits in the business till date after due calculation.
You may first talk to him about it and see his pulse on it.
If he changes his color and is not cooperative or not responding to the claim made by you, you may send a legal notice demanding liquidation and your share out of your investments.
Then you can pursue the matter legally after that, if necessary.
