A Minor Entering Into A Partnership Agreement

https://www.lossuperpoderesdelarte.com/4nhmft8b7/ In the case of the Commissioner of Income Tax v. Dwarkadas-Co., the judge stated that “Section 30 of the Indian Partnership Act clearly states that a minor cannot become a partner, although he may be admitted to the benefits of partnering with the consent of adult partners. Any document that goes beyond this section cannot be considered valid for registration purposes. Control right:-[Section 30 (2)] Minor in a partnership company can consult the company`s book books. In addition, it may also require copies of the books. However, this right to minors is limited to control and it cannot have access to books that may contain trade secrets. This article was written by Sparsh Agrawal, a Grade 2 student, Symbiosis Law School, Hyderabad. This article examined the rights of the minor to benefit from the benefits of the partnership. Even before the Indian Partnership Act of 1932, there was a law in India that governed that a minor could not be a contract at all and therefore could not be a partner.

https://www.leshappyvintage.fr/?p=eithmuk/ [1] The Indian Majority Act Section 3 stipulates that a person who has not reached the age of majority, 18 years of age, is known as a minor. [2] In addition, the Indian Contract Act 1857 expressly states that no person under the age of 18 (minor) may be a party to a contract and that a partnership is a contract between the two partners. [3] Therefore, a minor cannot be a partner in a partnership company. It was supported by the verdict of the Andhra Pradesh High Court in Addepally Nageshwar Rao. [4] In Banka Mal Lajja Ram The Delhi Income Tax Commissioner decided that even if the other partners of a partnership company agreed, a minor could not become a full partner through his or her guardian. The above judgment was repeated in the case of the Commissioner of Income Tax against Shah Mohandas, who discussed the right to obtain a share of the minor`s profits. It was found that Parliament`s intent under Section 30 of the Partnership Act of 1972, pursuant to section 2 of the Partnership Act 1972, was clear that a minor could not be held liable for losses. In addition, two minors cannot accept the creation of a partnership.

A minor may only be admitted to the benefits of the partnership with the agreement of other partners. This is because the whole purpose of a partnership is based on an “agreement” and the agreement reached by a minor is void-ab-initio. There must be a guardian who can enter into an agreement on behalf of the minor. In addition, a minor retains rights such as the right to a portion of the profits, the right to legal action, the right of inspection and the rights after reaching the age of the other, to ensure that the interest of a minor is protected.