Published Paper Details:

A minors contract is void ab initio. Partnership arises out of contract and not by status as per section 5 of the partnership Act. The minor is incompetent to contract. However according to section 30, (I) of the Indian Partnership Act 1932, a minor can be admitted as a partner for the benefits of partnership with the consent of other partners. A minor is incapable of either making a contact himself, or authorizing the same, he cannot legally ratify act done on his behalf. A minor partner cannot be declared insolvent, but if the firm is declared insolvent his share in the firm vest in the official receiver or official assignee. When a minor is not given his due share of profit, he has a right to constitute a suit for his share of the profit or property of the firm. But he cannot do so, only if he wants to separate his connection with the firm. A minor partner has a right to his agreed share of the profit and of the property of the firm. A minor partner can also have access to inspect and copy of the accounts of the firm, but not books of the firm.