India  |  Business Law

Legal Question

Asked on: 10/24/13, 6:16 am

Sir

can an adult man and his minor child 8+ can form a partnership farm?

2 Answers


Answered on: 10/24/13, 8:01 am by Fca Prashant Chavan

24.10.2013

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.

Regards,


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Answered on: 10/24/13, 10:35 pm by Rajiv Chandhok Ph: +919810050896

I agree with Mr. Chavan. You may drop in a detailed query at chandhokrajiv@gmail.com

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