Minor as a parnter
vijay rao (Student CA Final ) (69 Points)
21 December 2016
IS it possible for a minor to be a partner in a partnership firm. if yes explain .
3 Replies
Rahul Madaan
(CA Final Student)
(23 Points)
Replied 21 December 2016
Yes a minor can be admitted as a partner but only for the profit.
Annu
(Chase your Dreams)
(825 Points)
Replied 21 December 2016
yes he can be admitted as a partner but only for profits..He cannot be held liable for liabilities.
Sanjay S
(Chartered Accountant)
(1375 Points)
Replied 21 December 2016
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
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