Partnership issue

[Psalmsavatar]

I guess this is a similar case to the parable of the prodigal son. He has only come to part his way with anything that remains of the business. My opinion is that the remaining assets should be shared equally and a formal written agreement should be documented so that he won't have to ever come back again when the business starts regaining it's boom which will surely come through the hard work of the new manager.

 

[Gilead]

This is why I tell most people that wants to venture into partnership business that they should know everything about their partner before venturing together with the person. you have to measure the determination of your partner before entering the business. If the determination is not relative or as the same as yours then there's going to be a problem in the future.

 

[Adventurer]

Every Partnership should have a contract signed at the inception of the business, in this case they should value how much the business is worth from the assets left, then your brother can pay him off, if he doesn't have enough money to do that they can have an arrangement where he makes payments in installments.

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

 

[Dorcey]

That's why I always advice people to go into business with they trust and they have the same visions. There should even be legal backing before starting a new partnership.

 

[Heatman]

If the business used to be very lucrative and makes good money in the past before the pandemic of Corona virus, what I would suggest for your brother is to pay his friend off and bind his time to restart the business. I'm definitely sure he's going to get it up and running again and his friend will regret his decision.

 

[Dorcey]

Now, am revisiting my stance on partnership on seeing this issue. This is actually not a well structured and formal partnership, That's why they are having this issue, a well structured partnership will have an agreement deeds that carries the full weight of the law and no partner will act funny or contrary to the agreement in the partnership deed.

You are funny. You can stillgo into partnership. But you should make sure that the person has the same visions with you. And also make sure there is backing o law on any thing that you want to embark on to avoid this kind of issue.

 

[Azam786]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

You may be right, but I think it's very difficult to work with a person these days. For example, two people have opened a store So a monkey servant gives eight hours here and another servant gives six hours duty So it's very simple, never read mischief between the two This is not to say that human beings do part-time duty

 

[Ibrahim1]

The moment I found out that my partner started lavishing money anyhow then that moment we both going to just share everything then we both walk away because I can't just be cracking my brain and to make sure the business go wide than this and someone is somewhere lavishing money anyhow, it can't work

 

[Noor khan]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

Partnership business issues are very rare when the business is working partner's are happy meanwhile when the business is not going or working well partner's blame each other and fight in this matter partnership issues increase and bussine that start with a hoping shine will turn into spoil business as well so we should avoid it

 

[Ummigal]

your brother should have signed a partnership dead with his friend in the first place before venturing into the business. Thats how the partnership businesses starts in the first. so that in case of disagreement in the future as regards to the business between the two partners,then we will be able to know who broke the partnership agreement and how the situation is to be handled.

 

[Bilal0087]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

In every type of business there always come ups and down, and a person should not be worried and lose hope from these situations.
I think your brother should continue his business alone by making more efforts and hard work I hope in few month he can easily establish the business

 

[btaliat]

They are into this problem because they allow their intimacy to take over the business. I have always been advised people that no matter how close we are, we must always let law prevails and don't be carried out away with sentiment.

 

[joy101]

it depends the kind of business, since the business is not functioning again I don't think is necessary to share anything, what the need to do is to settle their problem between their selves, and think way forward.

 

[Hdre3m3n]

The person is very foolish to ask for a share that he himself has vanquished.
This is what partnership business actually cost.Partners are ready to spend the asset of the business anyhow and will still want to get a share of the remaining capital that has not been ruin.
I will ad vise your brother not to give him anything .It will be advisable for him to start his personal business afresh.

 

[Taimoor Jutt]

This is what business faces troubles when there is insincere partner. Make sure you have enough money to start any business lonely. Then you can start solo business or partnership business it's up to you. You can go solely because you will nit face issues like this if you go collectively it will less the burden.
But keep talk to friend and if he is not ready to continue then give him his shares.

 

[Ehtisham memon]

I think partnership is better run to the Bussiness site but some person have not trusted in the business of each other some issues create among both side so partnership going wrong of both each other and Bussiness goes to loss that a issue partnership in the business site

 

[Nimra Noor]

My brother and his best friend started a game house business back in the year 2012.

When the business started, it was very successful and both friends were happy together until recently, his friend started lavishing money and the business started going down.

Since the beginning of this year, the sales went down and because of the pandemic, they had to close down the business and I know you could imagine how it will feel like.

Somedays ago, my brother friend came to tell my brother that he doesn't want to continue with the business anymore, that he needs his share.

Please how do we solve this issue?

Yes it's not good but the only way to ask him to wait till this pandemic situation goes and our business again gain repute as before and if they sold something it will also give them lose due to being lower price of everything

 

[Damscooguns73]

Concerning partnership issue. Well, even brothers of the same mother fight talkless of friends. I believe that they should have a mutual agreement which is documented when they started the business. So, the best thing is that they should divide the assets since the business is closed down already

 

[Maheen]

In business both partner or all the partners has to bear the loss and gain profit until or unless there are percentages of share ...means if a partner has 60% or 40 % share ...in that case also profit and loss should be equally distributed .....in your brother case the business is already went down now they both have to pay the debts first and then they will distribute everything's according to their investments

 

[Richmond funke abosede]

In a partnership, there could be misunderstandings about each partner’s role and responsibilities within the business. Partners can clear these issues up by outlining the partners’ roles in the document. From hiring employees to handling accounting to meeting clients, these and other responsibilities can be delegated to partners according to their strengths.