Legal questions on Business Law

Transfer of Partnership to Proprietorship

I was doing job as sales person in private sector during that i have started a small business on the name of my wife in 2013. I had registered my firm and had TIN number. Then I had started partnership with my friend’s wife. Done partnership deed of 50% each and convert proprietorship to partnership in 2016. I changed states of firm with government body. Then came GST, we have migrate to GST fr...

Business loan and personal loan given

On Feb 2019 we met Mr jeenupati Raj kumar for electric auto business and Mr j Raj kumar motivated us to start for electric auto business at kakinada Andhra pradesh , so he told us for auto delearship we need to pay him 8 lakhs and we have paid him 8 lakhs through bank transaction and later we came to know from direct e auto manufacturer that dealership is given for 1 lakhs ( we found that Mr Ra...

Personal Loan ECS Mandate

Hi,I have taken below 3 loans Home loan tenure (15 years) Axis Bank : 55 lakhs Since 2015 i am repaying it with zero defaults Balance 39 lakhs Personal Loans (tenure 4 years) Yes Bank : 15 lakh(Balance 6 lakh) HDFC Bank : 20 lakh(Balance 8 lakh) Since 2017 Oct i have been repaying it with zero defaults I have left on in 2018 and started my own business, unfortunately, biz is not ...

Regarding Interest charged by supplier on delayed payment during Automobile Crisis and Corona period

Dear Kaanoon team, I am Vygnesh Rao K B working for Icon Colour Coats(Bangalore) as Accounts Manager.Our Supplier named Indian Diecasting Industries(Aligarh) started to supply from August 2019 and he has supplied till January 2020. Till March 2020 he has supplied material worth Rs.78,98,920/- and we have made payment of Rs.38,72,220/-. in 2020-21 he has not supplied but we have cleared hi...

Notice period

Hi, I have joined an organization on 16th Sept but because of family health issue I need to resign and I have resigned on 29th Sept as per my knowledge the contract state that I have to server 2 weeks notice period. But I got mail today stating you need to 2 month salary in case you are not serving notice period of 60 days. They are saying you can be blacklisted and i dont wish to receive any ...

Unpaid salary

Dear Sir, I had worked with my earlier company and got relieved after completing all my formalities on 01/11/2017 I've collected the documents signed from them on 24/02/2018 The proprietrix informed me that the final settlement will be done withing some time period as the financial situation is little critical. I accepted that and after few days asked as reminder over call, in initial days t...

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 ......