What is the position of a minor in a partnership?
LegalWizin (Online Legal Service) 29 January 2021
A minor is not a person competent to contact as prescribed under Contract Act. A partnership firm is the organisation created with agreement between the partners of same. Therefore, a minor cannot become a partner at the firm. However, an exception is provided in case of partnership firm, where a minor can become a partner at the firm, but only for the profit. That means the minor would only be entitled to the profits of the firm and not be liable for the losses.
Further, the minor has an option to decide his/her continuance in the firm on obtaining age of 18 or becoming major or within 6 months of his awareness of being partner of the firm. He may either continue to be partner or not, at own discretion.
Dr J C Vashista (Advocate) 31 January 2021
What is your concern / locus standi / dispute qua facts posted by you ?
It is advisable to consult and engage a local prudent lawyer for better appreciation of facts/ documents, professional guidance and necessary proceeding if it is not a question paper.
175B083 Mahesh P S 12 February 2021
Section 30 of the Indian Partnership Act, provides that though a minor cannot be a partner in a firm, but, with the consent of all the partners for the time being, he may be admitted to the benefits of partnership by an agreement executed through his guardian with the other partners.
The rights and liabilities of a minor who has been admitted to the benefits of partnership are governed by the following rules:-
For more input refer:
Smrithi Jayakumar 13 March 2021
The rights of a minor under the partnership act are as follows.
According to section 11, a minor is not competent to contract. Section 30 of the Indian Partnership Act, lays down that a minor cannot become a partner but with the consent of the adult partners, he maybe be admitted to the benefits of the partnership.
Larry Hopkins 29 September 2021
Yes It is true fact to accept the position of minor in a partnorship firm but it can be misleading to GOV. or taxt authority