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Can there be a partnership firm with two partners out of which one is minor partner??
Replies (5)
minor can not form partnership , but he can be admitted as partner with the consent of all partner .
i think section 30 of Indian Partnership Act says this
IF THERE ARE TWO PARTNERS.,.,ONE IS RETIRING AND MINOR IS ADDED.,,IS IT POSSIBLE??
IF THERE ARE TWO PARTNERS.,.,ONE IS RETIRING AND MINOR IS ADDED.,,IS IT POSSIBLE??
Basically partnership firm cannot be formed with a minor
so in your first question minor cannot be a partner and in your second question where already a firm is existing then he can be added as a partner if all the partners accepts.. and such minor partner will not be personally liable for any losses but .he will be entitled for benefits of the firm .. so yes its possible if one is retired and minor is admitted
so in your first question minor cannot be a partner and in your second question where already a firm is existing then he can be added as a partner if all the partners accepts.. and such minor partner will not be personally liable for any losses but .he will be entitled for benefits of the firm .. so yes its possible if one is retired and minor is admitted
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