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A partnership is a form of business where two or more people share ownership and the responsibility for managing the partnership firm and also shares the income or losses their business generates. When a person fulfills all the requirements to enter into a partnership agreement to gain the profits of a firm is known as a partner. According to the Partnership Act, 1932 a minor can enjoy all the benefits as a partner by signing the partnership agreement.
Now let’s discuss our article in detail.
The eligibility criteria are such as:
Here are the essentials such as:
The rights of a minor are as follows:
Now let us take a look at the liabilities of the minor as a partner:
Within six months of his or her attaining the age of majority, he or she has to give notice regarding below:
The minor as a partner can enjoy all the benefits of the partnership by fulfilling all the requirements of an agreement. The minor enjoys the various rights and also fulfills the duty as a partner. According to the Partnership Act[1], 1932 the firm can’t be built with a minor as the only partner of the partnership firm.
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