Starting a goat farm project

Submitted by admin on Wed, 2014-02-05 15:11

Q: I am to start a goat farm project in partnership that requires 57 lakh rupees and 120 sqmt piece of land. The land is of my grandfathers. 53 lakh rupees the bank is giving a loan and the remaining 4 lakh are devided in 4 partners as 2.5 lakh myself, and 50000 each by 3 partners. Net Profit will start from 3rd year after deducting all expenses. If the profit is 100 rupee then my questions are:

1) How much (%) share of profit will be between partners.

2) How much share will be the land owners as the market value of the land is 3 lakh?

3) Land owner that is my grand father is expired so can that share be devided among 16 members of his family?

A:

1. They may share the profits pro rata to their contributions.

2. Yes, however the shares will be distributed in accordance to the stipulated shares of inheritance.

And Allah Ta'ala (الله تعالى) knows best.

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

Category:

Business and Dealings›Partnerships

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