1/4/2017 CanaminorbecomeaPartnerinaPartnershipFirm?

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CanaminorbecomeaPartnerinaPartnershipFirm?

Section30oftheIndianPartnershipAct,providesthatthoughaminorcannotbeapartnerinafirm,but,withtheconsentofallthepartnersfor
thetimebeing,hemaybeadmittedtothebenefitsofpartnershipbyanagreementexecutedthroughhisguardianwiththeotherpartners.

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PartnershipwithaMinor
1.Aminorcanbeadmittedtothebenefitsofpartnershipwiththeconsentofalltheexistingpartners.Itshouldbenotedthatconsentofallthe
partnersisrequiredforaminortobeadmittedinapartnership.
2.Theremustbeapartnershipinexistencebeforeaminorcanbeadmittedtoitsbenefits.Thus,aminorcannotformanewpartnershipbut
canbeadmittedinanexistingpartnership.
3.Therecannotbeapartnershipconsistingofallminors

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Therightsandliabilitiesofaminorwhohasbeenadmittedtothebenefitsofpartnershiparegovernedbythefollowingrules:

1.Theminorisentitledtoreceivehisagreedshareofthepropertyandoftheprofitsofthefirm.
2.The minor has the right of inspecting and taking copies of the books of account of the firm. He has, however, no such right in respect of
booksotherthanaccounts,astheymaycontainsecretswhichshouldberestrictedtothepartnersalone
3.The minor is not personally liable to the debts of 3rd parties for the debts of the firm, but his liability is limited only up to his share in the
partnership assets and profits. If partnership falls short in short in extinguishing the debts of the firm the separate person property of the
minorcannotbeappliedforthepaymentofthedebtsofthefirm.
4.Theminorisnotentitledtotakepartinconductingofthebusinessashehasnotrepresentativecapacitytobindthefirm.
5.Theminorcannotbringanysuitagainstthepartnersforanaccountorpaymentofhisshareofthepropertyorprofitsofthefirm.
6.Onattainingmajorityoronknowingthathehadbeenadmittedtothebenefitsofpartnership,whicheverislater,theminormustdecidewithin
6monthswhetherhewouldliketobecomeapartnerinthefirmandgivepublicnoticeofhisdecision.Ifheremainssilentandfailstogive
suchanotice,itwillbepresumedthathehaselectedtobeapartnerinthefirm.

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1/4/2017 CanaminorbecomeaPartnerinaPartnershipFirm?

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ABOUT THE AUTHOR

KaranBatra
KaranisCAbyQualificationwiththeraredistinctionofbeingawardedAllIndiaRank22.Heisalsothefounderofthiswebsiteand
lovestohelppeoplewiththeirTaxQueries.

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