Legal questions on Business Law

Assisting in forex analysis.

My uncle who is a american green card holder who has lived there for over 15 years has taken an interest in Forex trading and has request me, his nephew to assist with analysis and entry and exit point for execution of trades, I.e its his account, his money, his american bank account with american dollars earned there itself by him connected to the broker, I simply will assist with placing the ...

Whether both designated partners of an LLP should sign the financials?

In this particular LLP firm there are 2 designated partners. One of them is NRI. Due to Covid pandemic and other reasons the NRI is not in a position to return to India. Hence he is unable to sign the financials along with the other designated partner. Now in LLP Act, 2008 as well as related rules and the LLP deed of this firm it mentions the designated partners shall sign the financial stateme...

Bike ownership change

Sir, I am the registered owner(SECOND OWNER) of a two wheeler, registered under Electronic city RTO Bangalore. I have sold this vehicle on 3rd of November 2019.He has agreed and convinced me that he will do the ownership change in 3 months.After that I have contacted him several time for confirmation of ownership change.but he didn't respond yet. Recently I noticed in Parivahan website...

Preparation of Bond for onboarding a co-founder

Any format we can use from online to draft this bond. As per the offer letter, we would like draft a bond on these terms: A) 20% of Equity Shares will be offered for the role of “Co-Founder & Chief Technology Officer B) The profit-sharing ratio will be similar to the share percentage ratio of 5: 25. C) The share dilution will be similar to the share percentage ratio mentioned above (5:...

Debit freeze of partnership firm current account with bank

i am a partner of partnership firm with 3 partners. in partnership deed it has been return as follows. Bank Accounts - the partners from time to time open any nature of account in any bank or banks as may be mutually agreed and decided by and between them. The said bank accounts or accounts shall be operated by any of partners. Any partners shall have power to sign, execute, and endorse cheque...

Notice for fine

In the matter section 72A, IT Act 2011 And in the matter of IT (4th Agreement) Rules,2019 in the matter breach of warranty and breach of condition of FFEARN COMPANY. This is to inform you that,gandhinagar districtcourt received yor case,and we found that your agreement has been terminated by our client end that you have signed now,we have verified yours case and found that you have breach...

Urgent Legal advice on case of being cheated in land and JV deal

I am a 53 year old and I had entered into a partnership with 2 other men, to form a company 7 years back (end of 2013), using all my savings along with some loan. We then entered into a real estate JV with a land-owner, introduced by one of the partners and the JV was registered. The company paid him 50 lacs advance as part of the deal. The JV did not get completed because the land owner fa...

Vacating co-working premises before lock-in period completion due to branch business closure

Dear Sir, I run a recruitment firm with head office in Chennai and have a branch in Bangalore. We are operating from a co-working space in Bangalore which has a lock-in period. As covid pandemic has caused total loss of Business, we have decided to close our Bangalore Branch. Rents pertaining to April and May has been paid even though the premises were not used. We have given notice to vacat...

Company registration process for accepting international payments

Hi, I'm a freelancer. I sell software services and do software consulting. I'm trying to use Stripe (a Payment gateway) in one of my website. My website provides a software service to which now I'm adding payments and subscriptions. My expected annual turnover is less than 20 lacs. Stripe says I need an IEC code (Import / Export Code) to be able to accept international payments on my webs...

Directors Liability

I won a money decree against a PLC and they have gone on appeal and so I can not execute the decree. Meanwhile the directors (who have absolute control over the unlisted company promoted by family members) are siphoning off wealth of the company and investing in new companies in their personal names through cooking the account books .They are enacing a classical 'Phoenix Fraud' here as they are...

Change in Partnership Firm & Partnership Deed

I and my father were partners in a partnership firm. We change the constitution and retired as partners from that firm starting 01.04.2018 and the remaining partners continued the business later on. As per terms of retirement in the partnership deed, an amount of Rs.45 lakh was to be given as a premium to both retiring partners in the ratio of 32:15 as me and my father held 32% & 15% in tha...

Termination/Resignation during pandemic

Hi...I work with this mnc who has asked the employees to resign during covid-19 pandemic and sign a contract with a subsidiary kind of company on 10% commission basis. They paid us salary till march but did not provide the salary slip. For April, we would get half salary and half will be released by Sep,is what they said. This is all verbal discussion. I have not resigned till now. I heard from...

Iam unnecessarily being harrassed.....

Sir, I applied to some work-from-home job advertisements in quikr.com. From there a person called me a number of times. I picked up the phone and told me that for some data entry work I can register with their firm, without any joining fee and assured me that after successful completion of the work with >90% accuracy they are going to pay me. The work was, 600 resumes - some 1 page, some 2 p...

How to stop the functioning & take out my capital from Private Limited Company.

We have 2 Private Limited Company both with same 2 share holders with 50:50 split and also both are Directors in both the company as well, My partner / other director is not doing any other work for past 2 years... I’m the only one that's bringing business & looking after entire operations, he only comes 1 hour in a week to sign cheques / he is doing a parallel business where he is involved ......

Dispute

Four of us got into a partnership 2 years back. Ever since it’s we started it’s been a bumpy ride. The other working partner stopped working a year ago and stopped showing up at work. We tried to sell the restaurant to someone, but the partners just don’t co-operate. I finally convinced them to sell the brand to someone, but they took their own sweet time to sign the affidavit required to trans...

Can I get experience?

Sir I am a teacher by proffession ,last yr after my completion of studies and pg and 2 yr diploma in teacher training ,I had joined a private school affliated to cbse in Delhi as assistant Teacher from 1 April,there I signed contract of 1yr in July and it's time period was from 23 may 2019 to 31 March 2020 but on 29 Feb 2020 without any strong reason they had given me a one month prior notice t...

Payment due

I run a small business ( advertising agency )in Bangalore ,most the my clients are real estate firm .I have multiple cases where my payment is due from. Very long time Case no 1 - an agency for whom we have worked and payment due is Rs 1 lakh when we said we will take legal action he repeatedly provokes us hey take legal action because he thinks with legal action i will be spending more than ...

Set up Ayurvedic cosmetics handmade business

Planning to start a business that sells handmade Ayurvedic oils and powders for skin care and hair care. This will be based out of Kerala and one of the founders is an Ayurvedic doctor BAMS, MD. We don’t have the financial backing to set up a manufacturing unit. We don’t plan to scale it either. The idea is to cater to small volumes and sell online. We will make the oils and powders at home thr...

Breach of Agreement

Hi Sir, I have received legal notice via my email two days before. My question was, how i know i received original advocate legal notice or it is fake. Please clarify. If I'm not replied that email, what will happen? The legal notice states "1. That my above-named client is doing business of Business Outsourcing Service (BPO) in the name and style of M/s. INFRA DATA TECHNOLOGY, at hi...

Cancellation of Unregistered Partnership Deed.

Hello, I have entered into an agreement to start a business for 50/50 partnership with a proposed capital of 3,00,000.00 RS(1,50,000.00RS each) and me and the second party drafted a partnership deed on a 300 RS(Three 100rs) non-judicial stamp paper on May/2019. But we haven't yet started the firm or register the firm and get a Current bank account. We were both expecting to raise some funds fr...