What would be the position where a minor elects not to become a partner?
10:- What would be the position, where a minor elects not to become a partner: He shall be entitled to sue the partners for his share of the property and profits. His rights and liabilities shall continue to be those of a minor under this section up to the date on which he gives public notice.
What are the roles of minor admitted to the benefits of a partnership firm?
(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.
What is the position of a minor in a partnership firm what are his rights and liabilities?
A minor is only admitted as a nominee who is entitled to the benefits of the partnership firm. He is not an actual partner and therefore not liable for any acts of the firm. In other words, a minor’s share is liable for the acts of the firm but the minor cannot be personally held liable.
What are the rights of minor?
Furthermore, a minor person reserves rights such as the right to receive a share of profit, right to sue, right to inspect and rights after the attainment of the age of majority ensures that interest of a minor is protected.
Can minor be a agent?
Under Section 182 of the Indian Contract Act, 1872. According to this section, any person can become an agent, i.e. there is no need to have a contractual capacity to become an agent. Therefore, a minor can also act as an agent. Was this answer helpful?
When can a minor become a partner?
Section 30 of the Indian Partnership Act 1932 contains legal provisions about a minor in a partnership. Now we know the Indian Contract Act 1857 clearly states that no person less than the age of 18, i.e. a minor can be a party to a contract. And a partnership is a contract between the partners.
Who called minor?
All states define an “age of majority”, usually 18. Persons younger than this age are considered minors, and must be under the care of a parent or guardian unless they are emancipated.
What is the minor age?
“minor” means a person of either sex who is under eighteen years of age.
Can a minor become a partner?
(1) 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.
Can a minor be a surety?
Surety for minor – A minor cannot be surety as he is not liable to pay under a contract. Where an adult stands surety for a minor, the adult is liable to third party.
What are the rights of minor partner?
Rights of a Minor Partner
But the minor partner is not liable for any losses beyond his interests in the firm. So a minor partner’s personal assets cannot be liquidated to pay the firms liabilities. He can also like any other partner inspect the books of accounts of the firm. He can demand a copy of the books as well.
Who is classified as a minor?
What is defined as a minor?
Depending on the purpose for which the definition is being used, a “minor” can mean a person under age 16, 17, 18, or 21. The definition with the broadest applicability is the one that defines a minor as a person under age 18.
What is the full meaning of minor?
: a person who is not yet old enough to have the rights of an adult. : a minor musical interval, scale, key, or mode. 3. : a minor academic subject. : a student taking a specified minor.
What is minor and major age?
(1) Every person domiciled in India shall attain the age of majority on his completing the age of eighteen years and not before.
What are the rights of a minor partner?
What are the rights of a minor partner? A minor partner has the right to profits just like any other partner. He can inspect the books of accounts, sue for payments if he wants to severe his connection with the firm and on attaining majority he can elect to become a partner or severe his connection from the firm.
What are the rules regarding minors?
In India, the Indian Majority Act, 1875 declares the age of majority of all persons to be 18 years. If a minor has a guardian or Court of Ward looking after him, his age of majority becomes 21 years. Hence, any contract with a party below the age of 18 years is invalid as per the Act.
What is a minor according to law?
minor, also called Infant, person below the legal age of majority or adulthood. The age of majority varies in different countries, and even in different jurisdictions within a country. It also differs with the type of activity concerned, such as marrying, purchasing alcohol, or driving an automobile.
Who is a minor partner?
Who is a minor with example?
The definition of a minor is someone young who has not acquired all of their legal rights. An example of a minor is someone who is not yet 21 years old and can’t purchase alcohol. (archaic) Constituting the minority. Minor is defined as something that is smaller or less important.
Who is a minor in India?
What age is called a minor?
Primary tabs. All states define an “age of majority”, usually 18. Persons younger than this age are considered minors, and must be under the care of a parent or guardian unless they are emancipated.
At what age is a minor?
In most legislation, it refers to all children below 18 years of age. However, it may also be used to distinguish younger children from adolescents, as in some criminal laws. The term ‘minor’ is mostly used in civil or criminal codes, describing all children below 18 years.
Who is minor and rules regarding minor?
A Person under the age of eighteen years is called a Minor. An infant or a minor is a person who is not a major. According to the Indian Majority Act, 1875, a minor is one who has not completed his or her 18th year of age. A person attains a majority on completing his 18th year in India.
What is the status of a minor’s contract?
Minor’s contract
By looking at the Indian law, minor’s agreement is a void one, meaning thereby that it has no value in the eye of the law, and it is null and void as it cannot be enforced by either party to the contract. And even after he attains majority, the same agreement could not be ratified by him.