Start learning 50% faster. Sign in now
Section 30 of Indian Partnership Act, 1932 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. (5) At any time within six months of his attaining majority, or of his obtaining knowledge that he had been admitted to the benefits of partnership, whichever date is later, such person may give public notice at he has elected to become or that he has elected not to become a partner in the firm, and such notice shall determine his position as regards the firm: Provided that, if he fails to give such notice, he shall become a partner in the firm on the expiry of the said six months. (6) Where any person has been admitted as a minor to the benefits of partnership in a firm, the burden of proving the fact that such person had no knowledge of such admission until a particular date after the expiry of six months of his attaining majority shall lie on the persons asserting that fact. (7) Where such person becomes a partner,— his rights and liabilities as a minor continue up to the date on which he becomes a partner, but he also becomes personally liable to third parties for all acts of the firm done since he was admitted to the benefits of partnership, and his share in the property and profits of the firm shall be the share to which he was entitled as a minor. (8)Where such person elects not to become a partner,— 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, (b) his share shall not be liable for any acts of the firm done after the date of the notice, and (c) he shall be entitled to sue the partners for his share of the property and profits in accordance with sub-section (4). (9)Nothing in sub-sections (7) and (8)shall affect the provisions of section 28.
After 5 years, the age of Seema will be 3 years less than 3 times of her age, 4 years back. What is Seema’s present age?
The average age of a man and his two children is 15 years and the average age of man's wife and the same children is 13 years. If the age of man is 31 y...
Four years ago, the ratio of ages of a brother and sister was 5:6 respectively. 3 years from now, the age of the sister will be twice that of the brothe...
In a family a couple has a son and a daughter. The age of the father is four times that of his son and age of her daughter is half of her mother. The wi...
At present Meena is eight times her daughter’s age. Eight years from now, the ratio of the ages of Meena and her daughter will be 9 : 2 respective...
The ratio of the present age of A to that of B is 7:9. Six years ago the ratio of 1/3 of A’s age at that time and 1/3 of B’s age at that time was 1:...
Ayush's current age is 25% greater than Ayushi's, and the difference between their ages is 8 years. What will be the ratio of their ages 8 years from now?
M and S currently have ages in the ratio of 3:4. R's present age is 50% more than S's present age. The ratio of M's age one year from now to R's age thr...
A girl’s age is 125% of what it was 10 years ago, but 75% of what it will be after 10 years. What is her present age?