Minor – Age

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Notice on Attaining Majority Age or Becoming a Partner
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 that he has elected to become or that he has elected not to become a partner in the firm.

Rights & Liabilities when Minor turned Major elects to be Partner
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
  • His share in the property and profits of the firm shall be the share to which he was entitled as a minor.

Rights & Liabilities when Minor turned Major elects not to be Partner
Where such person elects not be to become a partner;

  • His rights and liabilities shall continue to be those of a minor under the section up to the date on which he gives public notice
  • His share shall not be liable for any acts for the firm done after the date of the notice
  • He shall be entitled to sue the partners for his share of the property and profits