The Position Of A Minor In Partnership

by Administrator   |   5 Comments  |   8572 Views    |   3.2/5 Rating   |   Print This Article
834 articles online.
Mar 17th, 2010
Send to friend

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.

Article Source: http://www.informationbible.com/article-the-position-of-a-minor-in-partnership-50.html

Add New Comment

• 1. Anurag Singh
  thanks to inform us
  (10:58 pm, 2012.04.10)
• 2. Gulshad Khan
  its so gud information
  (11:49 pm, 2012.02.16)
• 3. Farhat
  please tell me that a minor partner liable for the loss of the business or not? mean he will face the burden of loss or not? plz tell me by email
  (5:56 am, 2011.11.30)
• 4. Payal
  the article really help me during my exams thanks
  (9:51 am, 2011.07.21)
• 5. Faisal Khan
  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.
  (11:59 am, 2010.11.04)

• How to obtain a date with gorgeous escorts kansas city

  Kansas City All American Girls Escort Service is Kansas City number one Escort service. More >>

• The ultimate fact of the real story related with huge boobs or huge tits

  Huge boobs and huge tits are the amazing ones for the girls. Girls want a fatless figure by which they are attracting in front of boys. Huge boobs make a figure complete. More >>

• Finding london escorts within your budget

  London is a city where you will find everything you are looking for and if you are alone and looking for some sensual fun, be ready to have one of the wildest experiences ever. More >>

• Asian escorts eagerly waiting to spend some hot erotic time with you

  Refresh your mind, body and soul by spending time with most gorgeous Asian escorts in New York. NY escort Agency provides completely legal escort service whose main aim is not only to provide sexual pleasures but also complete therapy of your mind and body. More >>

• Independent oriental escorts reach you to the last point of satisfaction

  Escort services in the UK are secure and safe. Individuals looking for company of attractive, beautiful and attractive ladies are recommended to look for escort services in the UK. More >>

• Barter system

  Barter System - Barter System is that system in which goods are exchanged for goods - Barter System More >>

• Objectives of business

  Objectives of Business means the purpose for which the business is established. It is generally believed that the main objective of business is ta make profit and avoid loss. More >>

• Functions of money

  Functions of Money - Functions of Money as a Medium of Exchange, Measure of Value, Deferred Payment, Store of Value - Functions of Money More >>

• Importance of business in the present day world

  The importance of business is that it provides products or services to customers. More >>

• Kinds of partners

  The partners of a firm are broadly divided into three main categories. General Partners, Special Partners and Other Partners. More >>