Partnership deed
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2015
Sir
Is it possible in partnershiip deed bitween
one is major partner and other is minor partner
Is it possible in partnershiip deed bitween
one is major partner and other is minor partner
24 July 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
24 July 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 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.
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