what is the procedure to be followed when a minor partner in a firm becomes a major?
thanks in advance
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Procedure when a minor partner turns major
Replies (2)
Minor Partner has to intimate other partners within 6 months of attaining majority on whether he wants to continue as a major partner.
If he fails to inform within 6 months then it is presumed that he is interested in continuing as a partner and he will be entitled to share profits and be liable for losses.
are there any forms to be submitted at the registrar of firms??
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