13 May 2011
We ahve a partnership firm , with two partner.It is a registered firm..
One partner avoid coimng to work..Not doing any of the usiness activities...
Other parner is forced to perform alone...
Bank account blocked by the inactive aprtner, after depositing an advance amount received from a customer. Wrote Dissolution letter to banker.Not willing to sign any of the cheques.Writing mails to customer to STOP all the business activities with the firm.
He is demanding the active parner parner for a huge sum of money to retire himself from business.
Active parner executes all the agreed work orders received from customer , by borrowing money from outside source. Without any income / withdrawal from the bank account.. In -active partner delaying to agree for settlement as he wishes to take profit share in all the work being conducted by the other partner, WITHOUT CONTRIBUTING ANYTHING...
Now.,.. What can the other active partner do , in order to secure business from the other.. Should he agree to the black mail of the other..?
Activve partner is the one who has created ALL THE BUSINESS , THRU WHICH HE HAS MET THE BANK LOAN BORROWED BY THE FIRM.
Pls suggest the active parner how to proceed now..
CAclubindia
