Ok this is the picture i'm a 7% (minimal)share holder in a private ltd company. The company was formed by a foreigner and 2 locals. The foreigner abscounded and leavingthe locals in lurch. The local authorities are after the local directors for payment towards statory bodies as per local requirment. The authorities are wanting me to pay the whole amount which if i dont pay up they will take from my employees provident fund? How do i defend myself?In need of legal advice!!?
Talk to a lawyer that is familiar with Corporate Law.
Read over your Partnership Contract.
As I understand Limited Partnerships, the General Partners (who manage the business) are liable for partnership debts, and those partners who merely contribute capital and share in the profits (and are not involved in running the business) are not liable beyond the amount invested.
I do not know what you mean by ';statory bodies';.
The Uniform Limited Partnership Act, sec. 101(7) governs (I assume) what partners are liable for and what may be used to pay bad debts.
Talk to a lawyer...In need of legal advice!!?
The costs must be chargeable to the company. The income will just be divided according to the number of shares of the shareholders if there is an income after the fiscal year.
you need a hotshot attorney and you need them yesterday if not sooner- in most jurisdictions anyone who gives legal advice without a law license is commiting an unlawful act- and besides that, free legal advice is almost invariably worth what you pay for it- ask around at your local court house for recommendations on who the sharkiest nasty lawyer in town is- and then hire them.
You need an attorney that specializes in international law in order to see if he can be held accountable even though he is not a citizen nor in the country.
Get a lawyer, a really good one.
http://www.martindale.com/xp/Martindale/鈥?/a>
http://lawyers.findlaw.com/
Find yourself a lawyer quickly.
Concent the situation with a lawyer they know the laws and limitations in your area.
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