According to Sections 30(5), (6), and (7) of the relevant legal framework, a minor partner has specific rights and liabilities when they reach the age of majority or become aware of their admission to the benefits of the firm.
The mutual rights and duties of partners are governed by:
Sections 9 and 10
The rights of partners, as outlined in the Act, can be modified through an agreement among the partners. Unless stated otherwise, every partner has the following rights:
Conditions for Expulsion:
- Approval by the majority of partners.
- Exercise of expulsion in good faith without personal animosity.
- Opportunity for the concerned partner to make a representation.
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1. What are the exceptions to the principle of holding out under Sections 28(2) and 34 of the Indian Partnership Act? |
2. Can a minor be a partner in a partnership firm according to the Indian Partnership Act? |
3. What rights and liabilities does a minor partner have before attaining majority? |
4. What happens to the rights and liabilities of a minor partner upon reaching majority? |
5. What are the mutual rights and duties of partners in a partnership firm under the Indian Partnership Act? |
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