Chartered Accountant
1375 Points
Joined August 2012
Please Refer Section 30 of Indian Partnership Act, 1932 - MINORS ADMITTED TO THE BENEFITS OF PARTNERSHIP
1. A minor can be admitted for the benefits of a partnership ONLY with the consent of ALL existing partners.
2. A minor can be admitted to a partnership already in existence.
3. A partnership consisting of ALL MINORS is not permitted.
4. Unlike normal partners, Minor cannot be held personally liable for debts due to 3rd parties. He may only be liable to the extent of his share in profits or assets of partnership.
5. Such minor may not sue the partners for an account or payment of his share of the property or profits of the firm, save when severing his connection with the firm