Which of the following is correct?
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A minor can be admitted as a partner provided the partnership deed is signed by the guardian of the minor on behalf of and in the best interest of such minor.
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A minor can enter into a contract of partnership provided it is a 'necessity' and not a 'luxury'.
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A minor cannot be admitted as a partner unless all the partners agree to it.
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A minor can be admitted to the benefits of partnership.
Under the Indian Partnership Act, 1932, a minor cannot be a full partner as they lack contractual capacity. However, Section 30 allows a minor to be admitted to the BENEFITS of an existing partnership with consent of all partners. The minor shares profits but is not liable for losses - they receive benefits without partnership liabilities.