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Partner in a trading company dissapeared without a formal notice and refuses to transfer name to another partner

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asked on Dec 11, 2017 at 12:26
by   Lewis95
edited on Dec 17, 2017 at 23:56
 
My friend and his partner had organised a cutter trading company without any partnership or any formal agreement. One day, my friend's partner leave a word of intending to leave the company and disappeared from the trading company without any formal notice. 

My friend and his partner now share the loan and profit of the trading company together and my friend wanted to buy the his partner's shares and now worried about the market value of the shares because his partner still sharing the profit together with him. If my friend's partner refuses to sell his shares or wants to sell his shares with a value higher than market value, is there any way to demand my friend's partner to transfer the name to my friend? Please help.

Thank you for all the suggestion and advises in advance. 
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6 Answers

answered on Dec 11, 2017 at 14:46
by   jeff005
edited Dec 18, 2017 at 01:20
 
cutter trading company 
Without a formal agreement during registration @SSM  ALL PARTNERS  hold EQUAL SHARES.

One day, my friend's partner leave a word of intending to leave the company and disappeared from the trading company without any formal notice.
Has his body been found??
What was the informal answer given by him?
Like in a Husband and Wife relationship, one cannot force the other party to sleep or have sex together.
Just do not pay his monthly salary then. And take his share since your friend's friend is doing double work.

share the loan and profit
worried about the market value 
sell his shares with a value higher than market value,
It this the rights of an INVESTOR

is there any way to demand 
Do not be too demanding. Give the other party a fair deal.
What goes around will come around.
THE  WHEEL  OF  KARMA.
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answered on Dec 11, 2017 at 15:15
by   Lewis95
edited Dec 18, 2017 at 01:22
 
@Jeff005

Thank you for your answer.

May I know is there any legal action can be taken by my friend to solve this problem if his partner still disappeared and doesn't want to transfer his shares to other. In this case, he does nothing and he still share the profits and loss in this trading company with my friend. Can my friend take his partner shares legally?

Thanks again.
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answered on Dec 11, 2017 at 15:49
by   vkpc
edited Dec 18, 2017 at 01:31
 
One day, my friend's partner leave a word of intending to leave the company and disappeared from the trading company without any formal notice.
He is allowed to disappear at any time without any notice as he is not an employee.

he does nothing and he still share the profits and loss in this trading company with my friend.

All shareholders are allowed to do this legally.  No problem here.

Can my friend take his partner shares legally?
Can your friend legally take his partner's car or house?  Of course cannot lah, stupid.
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answered on Dec 11, 2017 at 17:06
by   jeff005
in this case, he do nothing and he still share the profits and loss in this trading company with my friend.
Time for your friend to change his book keeper.
There are very  LITTLE  experiences in keeping books of accounts and business accounting.
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answered on Dec 11, 2017 at 17:11
by   jeff005
edited Dec 18, 2017 at 01:34
 
@ vkpc

Can my friend take his partner shares legally?
Can your friend legally take his partner's car or house? Of course cannot lah.


Hahaha.. In some backward countries, a creditor CAN  take the wife/wives, daughters, goats, cows if the debtor does not have the monies to repay. (except the nasty MIL).
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answered on Dec 12, 2017 at 10:37
by   Lewis95
edited Dec 18, 2017 at 01:35
 
@jeff005 & @vkpc

Thanks for the helpful information provided.
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