can an adult man and his minor child 8+ can form a partnership farm?
2 Answers from Attorneys
Dear Sir / Madam,
Section 30 in The Indian Partnership Act, 1932 :
(1) Minors admitted to the benefits of partnership. A person who is a minor according to the law to which he is subject may not 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.
(2) Such minor has a right to such share of the property and of the profits of the firm as may be agreed upon, and he may have access to and inspect and copy any of the accounts of the firm.
(3) Such minor' s share is liable for the acts of the firm, but the minor is not personally liable for any such act.
(4) 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, and in such case the amount of his share shall be determined by a valuation made as far as possible in accordance with the rules contained in section 48: Provided that all the partners acting together or any partner entitled to dissolve the firm upon notice to other partners may elect in such suit to dissolve the firm, and thereupon the Court shall proceed with the suit as one for dissolution and for settling accounts between the partners, and the amount of the share of the minor shall be determined along with the shares of the partners.
I agree with Mr. Chavan. You may drop in a detailed query at email@example.com
To know us better, please click on the links below:
Related Questions & Answers
Is below mentioned online service legal? as service is being delivered on railway... Asked 10/23/13, 11:04 pm in India Business Law
What is legal procedure to change tax auditor of a proprietorship concern Asked 10/23/13, 12:14 am in India Business Law
I want register my fancy light company in delhi. what is the procedure of register a... Asked 10/21/13, 1:40 am in India Business Law
I had not made my credit card bills since last 5 years Asked 10/18/13, 4:14 pm in India Business Law
If I were to send multiple couriers from New Delhi, India to different parts of the... Asked 10/17/13, 11:50 am in India Business Law