Can minor be a partner
This query is : Resolved
06 March 2015
hello friends
plz tell me that I want to create a partnership firm with only two partner in which one is minor. Is it possible plz reply soon.
Thank you
plz tell me that I want to create a partnership firm with only two partner in which one is minor. Is it possible plz reply soon.
Thank you
06 March 2015
No, it is not possible!
Please refer page-186, Q.28 on below link-
https://www.icaiknowledgegateway.org/littledms/folder1/chapter-3-the-indian-partnership-act-1932.pdf
Please refer page-186, Q.28 on below link-
https://www.icaiknowledgegateway.org/littledms/folder1/chapter-3-the-indian-partnership-act-1932.pdf
07 March 2015
As per Section 11 of the Indian Contract Act, 1872 a minor cannot enter into an agreement. However Section 30 of the Partnership Act 1932 provides that with the consent of all the partners for the time being a minor may be admitted to the benefits of Partnership. This provision is based on the rule that a minor cannot be a promisor but he can be a promisee or a beneficiary.
Please refer section 30 of the Partnership Act 1932.
Link: https://www.mca.gov.in/Ministry/actsbills/pdf/Partnership_Act_1932.pdf
Please refer section 30 of the Partnership Act 1932.
Link: https://www.mca.gov.in/Ministry/actsbills/pdf/Partnership_Act_1932.pdf
07 March 2015
# A minor can be admitted to the benefits of partnership with the consent of all the existing partners. It should be noted that consent of all the partners is required for a minor to be admitted in a partnership.
#There must be a partnership in existence before a minor can be admitted to its benefits. Thus, a minor cannot form a new partnership but can be admitted in an existing partnership.
#There cannot be a partnership consisting of all minors.
#There must be a partnership in existence before a minor can be admitted to its benefits. Thus, a minor cannot form a new partnership but can be admitted in an existing partnership.
#There cannot be a partnership consisting of all minors.
07 March 2015
thank you very much
fully satisfied reply
fully satisfied reply
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
