IndigoLearn

Forums

All Topics Accountancy Auditing Corporate & Other Laws Direct Taxation Indirect Taxation Financial Management Economics Costing Strategic Management Maths & Stats Exams Others AFM Financial Reporting CFA Level I

Partnership Act section 30 and section 32

Corporate & Other Laws

Is Minor can dissolved the firm - â?¢ when minor wants to retire from the partnership before attaining age of majority. Section 32 If Retiring partner not giving public notice then his Act after their retirement can binds the firm. Please answer

Shivam Vij

CA Foundation

★ 520

12-Sep-20 09:32

352

Answers (5)

What is your question?

CA Suraj Lakhotia

Admin

12-Sep-20 12:29

When minor wants to retire from partnership before attaining there majority , can cause dissolution of firm or not.

Thread Starter

Shivam Vij

CA Foundation

★ 520

12-Sep-20 18:28

As we are aware that partnership is the relationship between the partners. A minor cannot be a partner, he is just only admitted for benefits with mutual consent of partners. As he is not a partner he cannot alter or dissolve partnership relation until he attains majority. But he has right to sue partners. Hope it helps!!!

VIJAYA SARADHI MAGANTI

CA Inter

★ 850

12-Sep-20 23:39

After retirement he will be relieved from all the rights and obligations. If any liabilities or obligations created during the course of business when he is in partnership relation for such obligations he is liable up to issuing public notice in a local regional language newspaper in the area where business is carried out.

VIJAYA SARADHI MAGANTI

CA Inter

★ 850

12-Sep-20 23:54

Thread Starter

Shivam Vij

When minor wants to retire from partnership before attaining there majority , can cause dissolution of firm or not.

no dissolution.

CA Suraj Lakhotia

Admin

13-Sep-20 17:12