Questions & Answers
A partner had terminated another partner without discussion
My partner had sent me a termination email without any discussion and agreed to pay me my invested amount.
Later, he paid me 50% and said that the rest 50% will be paid after one year which is the expiry of the license.
Please advise what I am supposed to do as I want my money back and he wants to run the company.
Please advise what should I do?
Dear Client,
Good day!
Please confirm what sort of partnership is it. If it's a partnership in the company, you need to follow a procedure. If you have a shareholding of 50% in the company, you need to follow a procedure.
According to Corporate Commercial Law, you need to hold a Board Meeting, and then pass a Board Resolution, then on passing the board resolution for removing the partnership, there should be an exit agreement that confirms the details.
However, if it's not a company-related matter, it is a commercial-related matter, you can sign an agreement of exit agreement in which the partnership can be decided, and also the valuation of the company is calculated 20 years from now.
It should include goodwill if it's a company. Otherwise, partnership valuation depends on the present status of the business.
After the complete audit valuation, it should proceed with the dissolution of the partnership and an exit agreement.
For further assistance, please feel free to contact us via phone or email.
Thank you!
