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Smita_L01042008 (student)     24 May 2011

Can a minor be a partner

Dear Members,

 

Please guide whether a minor can be partner in partnership. what will be his status and liability/

 

Regards to all



Learning

 8 Replies

M.Sheik Mohammed Ali (advocate)     24 May 2011

yes, minor can be a partner in a company,

A V Vishal (Advocate)     24 May 2011

A Minor Cannot Be a Partner
A minor partner is a partner who is not major (not completed 18 years). A minor cannot enter into a contract according to Section 20 of Partnership Act. A contract with minor is void. Since partnership is a relation resulting from contact, therefore a minor cannot be a partner in a firm.

A Minor Can Be Admitted to The Benefits of Partnership Alone

A minor can be admitted to the benefits of a partnership with the consent of all other partners for the time being. This can be done in a firm which already exists. He cannot be a full fledged partner.

Rights of a Minor in a Firm
A minor has a right to have access and inspect and copy any of the accounts of the firm
The minors share is liable for the acts of the firm but his personal property is not liable for the debts of the firm.
The minor on severance can sue the partners for account.

Liability of a Minor
Liability of a Minor in a Firm. The share of a minor in the firm is liable for the acts of the firm. The personal property of the minor is not liable for the debts of the firm.

Position on attaining majority
Within 6 months of his attaining majority, he has to give notice:

(I) Whether he wishes to continue as a partner or not
(II) In case he does not make such announcement, he will be treated as decided to continue as a full fledged partner
(III) When he chooses to become a partner or is deemed tote partner his liability becomes unlimited with effect from the date of his admission as such.

1 Like

Smita_L01042008 (student)     24 May 2011

thanks alot Mr. Ali

Nirupom Dutta (advocate)     24 May 2011

agree with mr vishal. A minor can not be a partner ,but in an existing partnership , a minor can be admitted in to a firm if all the partner of the firm agree.

Hirdayanath M Kamble (Service)     24 May 2011

Minors cannot be a partner, but can be admitted to partnership for the benifit, likewise he/she can be partner in profit only , all his activity will have to go through a proper gurdain till the age of attainment of adulthood.

Nathan (online markerter)     26 May 2011

ya..minor can be a partner of a company in  a company

Kundan Kr. Singh (Advocate)     17 August 2011

I am agree with A V Vishal opinion.

Amit Pande (Intern)     03 March 2014

can a minor be a partner in LLP?

and if he can what are his rights?


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