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Sir, Myself Ramu. I took over a proprietorship firm from one of my Family Friends (name 'X') in jan'2013 and mutually agreed to pay INR 10Lakhs as of goodwill to 'Mr.X' and agreed to be responsible for the firm's debts. I paid him some advance and cleared off all debts at the time of agreement and rest to be paid in 3 months. If I fail, he agreed to return the adv and all the money I have invested in the firm retaining INR 1Lakh. Unfortunately, Mr.X went abroad in the next month. With belief on him, i didn't make any agreement with him.

Since you have the agreement with you, first of all, register the agreement under Partnership Act 1932, so that you will get Rights under the Act.


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