[aaykarbhavan] Forming Partnership between friends

Hi,

Someone may please see the following and express views:

A,B and C are friends.

They proposed to buy building (worth Rs.120 Lacs) for office use through their contribution and loan agreement with their names.

Before executing Partnership Deed, they approached bank
for loan with a request to mention their names in the
loan agreement, as they will share the loan and pay, (as they were about to form partnership).

Bank denied their request (as there is no blood relationship).

However, bank agreed to sanction the loan to A as Applicant and his wife as Co-Applicant. Thus, the loan was sanctioned.

The friends mutually agreed to bear all the costs incurred for availing the loan and mutually understand to pay the applicable amount of EMI to A, as he is the one, who actually on record availed the loan and paying the EMI to bank directly.

Now, A, B and C have up-to-date contributed Rs.10 Lacs each towards the Building.

They also propose to mention their contribution of total Rs.30 Lacs in the Partnership Deed.

Query

Whether the said transaction is valid and fit to enter into partnership, as deed proposed to be executed. Should the Deed have a mention about the facts to avoid future conflicts, if any?

Ans : ………………….

Though A has been making payments to bank, the same is reimbursed from B and C, as their equal contribution.
As B and C are simply transferring their contribution to A without having any record as on date, how B and C are safe guarded, if by chance of any eventuality.

Ans : ………………….

Kindly, if possible, guide with your views.

Thanks in advance.



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