Bengaluru | 13 Feb, 2019 (3 months ago)

General Advice

Legal guidance to handle situation mentioned below

Hello, We are a startup located in Bangalore. We started operations a year and half ago. We recently got a overseas project through one of our contacts who is working in that company. Monthly billing is around 5 lacs per month and this is one of the two projects that we are working on currently.We have around 15 people working with us some of them permanent and some of them on contract.Salaries and maintenance comes around 4 lacs per month.We are three partners and it is a partnership firm.The person who got us the business is asking for 10% of the billing amount (NOT ON PROFIT).Eg: In current scenario, it is 60 lacs and he wants 6 lacs out of it. And in future he wants the same for any new business from the same company and perpetual till the business exist with us.Since we were fresh and had no business we had initially agreed on this terms for one year and now the demand is for perpetual.Our quote was very less and so is our margin until and unless we get other business.He wants money in cash which we cannot oblige, neither we can take him as our partner. We want your advise/suggestion on this situation also your guidance to avoid such situation in future.
Answers
01 Apr, 2019 | 12:43

Thank you for your query. We appreciate your trust in Lawyered in seeking resolution to your question. To help you further, please refer to some of the helpful article below.
- https://www.lawyered.in/legal-disrupt/articles/importance-founders-agreement-start-/
-https://www.lawyered.in/legal-disrupt/articles/corporate-law-and-legal-compliance-introduction-legal-setup-startups/
-https://www.lawyered.in/legal-disrupt/articles/9-most-hyped-startup-legal-battles-what-you-can-learn-them/

For further help, please "post your requirements" here - https://www.lawyered.in/post-a-requirement/
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Search for "Startup Matter" lawyers at -https://www.lawyered.in/search/lawyers/


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