Answer
The partnership is a contract between the partners. Hence a
minor cannot be a partner in a partnership firm. Section 30 of the
Indian Partnership Act, provides that though a minor cannot be a
partner in a firm, with the consent of all the partners, for the
time being, he may be admitted to the benefits of the partnership
by an agreement executed through his guardian with the other
partners.
When a minor is admitted to the benefits of a partnership, his
rights and liabilities before attaining majority are as
follows:
- Right to share profits: A minor admitted to
benefits of partnership has a right to receive his agreed share of
the property and the profits of the firm.
- Right to access to books of account: He has a
right of access to accounts and to inspect and copy any of the
accounts of the firm. However, this right is available for accounts
only and not other books of the firm. Which may contain secrets for
which minors can not be trusted.
- Suit for share: A minor may sue the partners
for an account or payment of his share of profits or property of
the firm on leaving the firm. As long as he remains in the firm, he
has no such right. if he wants to sue he should first leave the
firm.
- Liability of Minor: Minor’s share is liable
for the acts of the firm but the minor is not personally liable for
any such act. A minor being entitled to the benefits, it would be
just and equitable that his share in the partnership assets should
be held liable.
Hence Raghib cannot be a partner in a partnership firm. But with
the consent of Rustum, Mahmood, and Wali he may be admitted to the
benefits of the partnership by an agreement executed through his
guardian with the other partners.