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Tuesday, March 20, 2012

BRF 2009 (Solved)

Position of a minor in a Partnership Firm:
Minor Partner:  As per Section 11 of the Indian Contract Act, 1872 a minor cannot enter into an agreement. However Section 30 of the Partnership Act provides that with the consent of all the partners for the time being a minor may be admitted to the benefits of Partnership. This provision is based on the rule that a minor cannot be a promisor but he can be a Promisee or a beneficiary.

Rights of a Minor before attending the age of Majority:
(i)     He has a right to share the profits and the property of the firm as may be agreed.
(ii)   He has a right to have access to and inspect the books of accounts of the firm.
(iii) Right to sue for payments of his share of profit or property in case of his severance of connection with the firm.                        
(iv)  He has a right to elect to become a partner on attaining the age of Majority.
(v)    He has a right to elect not to become a partner on attaining the age of Majority.

Liabilities of a Minor before attending the age of Majority:
(i)     A minor’s share is liable for the acts of the firm.
(ii)   He is not personally liable for sharing any liabilities or losses of the firm in his personal capacity nor is his personal property liable.

Position of the Minor on Attending the age of Majority
                On attending Majority the minor partner has to decide within six month whether he want to continue as partner in the firm or discontinue as a partner from the firm. The period of six months start from the date of his majority or from the date when he first comes to know that he has been admitted to the benefits of the partnership, whichever is later. Within the said period of six months he should give a public notice of his choice whether to continue as a partner or not to continue as a partner.
                If he fails to give a public notice he is deemed to have become a partner in the firm on the expiry of the said six month.

Position of a minor if he elects to become the Partner after attending the age of Majority.
(i)     He becomes personally liable to third parties for all acts of the firm done since he was admitted to the benefits of the partnership.
(ii)   His share to the profits of the firm is the same as he was entitled to as a minor partner.

Position of a minor if he elects not to become the Partner after attending the age of Majority.
(i)     His rights and liabilities of the partner as a minor continue up to the date of the notice.
(ii)   His share is not liable for any acts of the firm done after the date of the public notice.
(iii) He is entitled to sue the partners for his share of the profits and property of the firm. 

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