A minor partner is a partner who is not major as per the government Legislation. Every country has its own law usually from 16 to 18 years. So Minor Partner is a partner who is not an Adult who have not full responsibilities under some business, Family and Criminal Law.
Definition of Minor Partner
As per the Indian partnership Act 1932 Section 30(1) A Minor (As per Law) can not be part of a Partnership firm, However, with the content of all other partners, he can be admitted to the firm for the benefit of Business.
Define Minor with Meaning:
A Minor is a person who is under a certain age as per the government. In most cases, it is 18 Years. In India, Pakistan, the UK, Canada( Except some States) the USA all who are under Eighteen years are minor. The minor word comes from the Latin word minuere, its meaning is to decrease How in some criminal Cases 16 to 17 Years person can be treated As a Major. Here Minor is Noun and defined as a young person irrespective of any Gender.
Most of that word is used as Adjective, which means lesser, fewer, Inferior. But when it comes to nouns it’s related to gender’s age.
As per civil law : A baby or individual who is under the time of lawful capability is called Minor
A Partnership needs a contract for its formation and as per the contract act, No minor can be a partner. But as per the partnership act, a minor can be a partner without unlimited liability. He has the rights of 100% Profit but is not liable to un-limited liability due to government law.
Rights of Minor Partner
- A Minor partner has the right of Profit as per Shared proportion in Partnership Deed
- Minor has the right to share the property of the business as per his ratio into the property.
- Minor Partner can inspect check the books of accounts any time
- he reserves the right to attend the meetings and visit the office.
- He can sue against any partner for an un-law full act done by him/her.
Liabilities of Minor Partner
- He is not personally liable for any debt of partnership Business but only up to the capital invested by him/her.