Originally posted by: ...EhSaas...
Mayu and Rahul
Yes i am planning to start my own business
Mayu if you don't mind to share what business you started?
There is nothing wrong in partnership
My sister also started with his friend and they are doing good
It depends up on what kind of partner you have
I will say never start with life partner
All the best for new venture. Jaya..
Well Our business was related to food industry in australia - bakery. Our problem was like this - my husband and our partner were good friends for past 10 years, so we thought of starting a business together, mainly because we don't have much funds to start independently, and not much experience in food industry. Our partner was working in the food industry for more than 10 years, and we have good bonding as well.
Only good thing - From the beginning itself , we were clear that what if things doesn't go well in between us ( anytime). So we went to the lawyers, and we actually legally created a bond or agreement that in case of dissolution or disagreement , what we will get and where we will be our stand? It does helps us a lot and save us from going to the court and fight for it. End of the day we don't know when the things will go wrong, so better be safe and practical then be sorry.
Our business was running good - but our partner never shared any profit with us, rather he always demand money from us, that this is not working, workers are not coming and so on. Later he said because you guys are not coming to bakery everyday, better leave the bakery/give the entire business to me or you take entire business( run the business). Aayushi and Amil were quite young at that time, so we could not go to the bakery or gave him any reply for that. In the end, we thought better to leave it in their hand only.
Now coming to cunning part - He sold the bakery, then bought new Indian restaurant ( profit was good, so he was able to bought it in the city area). Now if he sold the bakery, then obviously we would demand for our share ( capital money only , forgot the profits). He was like see why don't you come to the restaurant , I will give you salary, that will be your capital money,đĄ Then his lawyer and our lawyer are good friends, he told his lawyer that he will not give a single money to us. Then his lawyer informed my lawyer indirectly that it seems your clients are far more simple, this cunning men will not give them any money. Then our lawyer informed us and told us to do the things according to him only. Somehow we got our money all thanks to our lawyer.
Then we wrote threatening emails to me that he wants me to become the partner in the new restaurant as well, means he want me to sign the documents as the partner in business. It would be very risky, what if he didn't pay the tax on time, or do some fraud in the business, laws over here is very strict, I will be in jail, without even knowing my fault. đ€It actually happened, after one year, i got a call from bank - collection department, they informed me that I owe so much money for my business. I was like I am not a director of this company, you want me to pay. đ Same goes with the tax department, got a call from them, they informed me I didn;t pay tax on time.
Our partnership is bad it all depends on your experience and person to person. Always cover yourself and be practical. Take the help from lawyer, spend some money on legal documents, it will give you mental peace and save you from a lot of trouble.
Rest I wish you all the best, business is definitely good and good learning opportunity.
Disclaimer - even I am typing from iphone, so please ignore my mistakes as well. please
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