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MOU

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(Querist)
06 July 2011 Mr. X is a Gym Instructor. He has taken up the management of the Gym. There is a Memorandum of Understanding between Mr. X and the real owner of the Gym, and there is a clause in the MOU that Mr. X will get a specific share of Profit from the Gym receipts. Whether such MOU is valid?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
06 July 2011 It is an MOU and agreeable to both the parties and in the absence of sharing losses it can not be a partnership firm.

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The sum receivable by X is based on the receipts of the GYM and as such there is nothing illegal in the agreement so that it can be said as an illegal MOU.
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The MOU is ,thus, a valid MoU.
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