Partnership dislove
Me and my 3 friends applyed for a gov society base tailoring shop and our application was selected. We didn't had our partnership agreement done till then so we applied for same. In the meantime we had to pay deposit for the shop that was allocated to us so we contacted a investor who gave us 1 lac to start the business. As our partnership agreement was in process, we did a notary of the loan we took from investor on all our four partners name. Emi was decided. All the 1 lac investment we took was put in the shop deposit ,purchasing the required commodities like mirror, threads, fans etc. and some amount kept for rolling of cash. After 6 months of running the business, i found irregularities in maintaining the accounts book (one of our partner was handling the accounts book only and no one else). My trust in one partner failed and now i decided to move out of the partnership. I was in the firm till sep 2016 end. I agree, that as i was a part of the firm till sep, i am liable to pay for any losses/profits that are there in the accounts and also in the emi of the 1 lac loan which we took from investor. But now that i am no longer involved in the business and the loan amount that we took was completely utilised for the shop, do i have to pay the 1/4 part of the emi to the investor? My other partner is forcing me to pay for emi wherein i will not be taking any profit or be a part of any loss in the firm. Please let me know if i am supposed to pay the emi wherein i am not enjoying any benefit of the amount thats invested in the shop.