MOU

This query is : Resolved

Devendra (Querist)
Follow

06 July 2011 Mr. X is a Gym Instructor. He has taken up the management of the Gym. There is a Memorandum of Understanding between Mr. X and the real owner of the Gym, and there is a clause in the MOU that Mr. X will get a specific share of Profit from the Gym receipts. Whether such MOU is valid?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

06 July 2011 It is an MOU and agreeable to both the parties and in the absence of sharing losses it can not be a partnership firm.

*
The sum receivable by X is based on the receipts of the GYM and as such there is nothing illegal in the agreement so that it can be said as an illegal MOU.
*
The MOU is ,thus, a valid MoU.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA. MOHIT SHARMA

balamurugan

madhu sudan

Deepak Nayak

Rubal Singhal

Subscribe Now

MOU

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANT

Accountant

Manager- Finance and Compliance

Article Assistant

GST CONSULTANCY