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Partner ship firm

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(Querist)
22 December 2012 SIR I HAVE 40 YEARS OLD I MAKE A ONE PARTNER SHIP FIRM. CAN I HAVE TAKE IN PARTNER SHIP FIRM IN MY SON HE IS 15 YEARS OLD. IF YES WHAT I HAVE PROCESS AFTER MAKEING DEEDS ETC. CAN I HAVE PAID SALARY? CAN I HAVE USE CLUBBING OF INCOME? PLEASE GUIDE ME,

PARTNER SHIP FIRM ONLY 2 PARTNERS
ONE PARTNER IS FATHER & SECOND PARTNER IS SON
THE SON AGE IS 15 YEARS. BUSINESS IS CONSTRUCTION eETC. I HAVE DESIDED THE FIRM PART IS 50 % 50 % BOTH OF US

OK.

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shivaji prasad bhimavarapu

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shivaji prasad bhimavarapu (Expert)
22 December 2012 If there are only two partners in a Firm, the other can NOT be a minor.A minor can be admitted to the benefits of partnership firm through his natural guardian.No losses can be shared with Minor.As your query is not giving the full details, the explanation given by me may through some light on the issue raised by you.
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