Lawfully yours: By Retd Justice K Chandru

A couple of years ago, a close friend lured me to invest in an Limited Liability Partnership (LLP) in which she is a DP. Since I was not an earning member, it was my husband who closed his PF account and coughed up Rs 10 lakh hoping that it would earn me a job in the LLP project and decent returns after five years (there is a cap of five years before which one can’t withdraw money invested as per this LLP’s bylaw). However, after taking land on lease and commencing construction, the project is stuck since many of the promised shares didn’t materialise. How can I salvage our hard-earned money and how soon? Where can I settle this issue? Will I have to drag my friend to court over this?

-- Sitalakshmi M, Alandur

You can file a civil suit for dissolving the partnership and also for the return payment of your investment.

I am studying in Class 11 and am 16 years old. Are there any issues involved in me, as a minor, opening a bank account? And if I start earning and there is a small amount of money getting credited to my bank account, do I have to pay tax on it? And what should I do to possess a PAN card on my own? Will my bank credentials be enough or will I have to depend on seniors at home to initiate the process?

-- Paraneshwari (via email)

A student can also open a bank account provided there is a guardian for the minor. Tax liability will come only when the interest from your account is liable for tax. There is a minimum exemption from tax liability. There is no issue involved in applying for a PAN card.

DISCLAIMER: The views expressed here are of Justice K Chandru, who is providing guidance and direction based on his rich experience and knowledge of the law. This is not a substitute for legal recourse which must be taken as a follow-up if so recommended in these columns