what is the procedure to be followed when a minor partner in a firm becomes a major?
thanks in advance
CA Kedar Sakhardande
(Proprietor)
(942 Points)
Replied 10 September 2013
Minor Partner has to intimate other partners within 6 months of attaining majority on whether he wants to continue as a major partner.
If he fails to inform within 6 months then it is presumed that he is interested in continuing as a partner and he will be entitled to share profits and be liable for losses.
Meet Mody
(Student)
(112 Points)
Replied 13 September 2013
are there any forms to be submitted at the registrar of firms??
CAclubindia
