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My friend was about to run a business with his own firm and he invited me to be the part of the business by giving me 50% stake infirm as well as profit and liabilities in lieu of some amount as an investment and I invested in his and new firm came to known as LMN firm.My partner was a 1st part partner and I was second. He intended to buy the running franchisee based restaurant from the owner of that franchisee who bought that from XYZ fast food chain a few years back. The restaurant which my partner intended to buy is bought by paying a specific amount to owner but no paper transfer of restaurant to our LMN firm was done.business was running in the name of previous firm and through our partnership firm we just used to buy raw material for running business and bank account of our firm for financial transactions.

He cannot do so as there is no transaction in the firm bank account. You can take in writing with the franchising company that you have shut down the business under that partnership firm and you have paid all the debts now, you are taking franchising under a sole proprietor. He cannot go to the police for dispute resolution, as per the partnership the...


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