Partnership firm

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Kadiwal and Associate

Kadiwal and Associate (Querist)
Follow

12 October 2014 Sir, any minor person can be partnership in any firm ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

12 October 2014 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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

12 October 2014 # 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.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

12 October 2014 Also see below link--

https://www.charteredclub.com/minor-partnership/

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now