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.
06 March 2015
No, it is not possible! Please refer page-186, Q.28 on below link- http://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.
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.
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