Can minor be a partner
This query is : Resolved
CA Shyam Agarwal
(Querist)
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.
CA Shyam Agarwal
(Querist)
07 March 2015
thank you very much
fully satisfied reply
fully satisfied reply
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