INTRODUCTION

Partnership is defined as a relation between two or more persons who have agreed to share the profits of a business carried on by all of them or any of them acting for all. The owners of a partnership business are individually known as the "partners" and collectively as a "firm". Its main features are:

A partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.

The minimum number of partners must be two, while the maximum number can be 10 in case of banking business and 20 in all other types of business.

The firm has no separate legal existence of its own i.e., the firm and the partners are one and the same in the eyes of law.

In the absence of any agreement to the contrary, all partners have a right to participate in the activities of the business.

Ownership of property usually carries with it the right of management. Every partner, therefore, has a right to share in the management of the business firm.

Liability of the partners is unlimited. Legally, the partners are said to be jointly and severally liable for the liabilities of the firm. This means that if the assets and property of the firm is insufficient to meet the debts of the firm, the creditors can recover their loans from the personal property of the individual partners.

Restrictions are there on the transfer of interest i.e. none of the partners can transfer his interest in the firm to any person(except to the existing partners) without the unanimous consent of all other partners.

The firm has a limited span of life i.e. legally, the firm must be dissolved on the retirement, lunacy, bankruptcy, or death of any partner.

A partnership is formed by an agreement, which may be either written or oral. When the written agreement is duly stamped and registered, it is known as "Partnership Deed". Ordinarily, the rights, duties and liabilities of partners are laid down in the deed. But in the case where the deed does not specify the rights and obligations, the provisions of the THE INDIAN PARTNERSHIP ACT, 1932 will apply.

TITLE: Minor as a Partner in a Partnership Firm STATEMENT OF PROBLEM: As Indian Partnership Act, 1932 is silent on the provision of minor being a partner of a partnership firm; this paper will attempt to find out the same. This paper also attempts to give the detailed analysis of the partnership firm and the benefits provided to the minor in a partnership in various situations with reference to case laws. HYPOTHESIS: Liability of a Minor is negligible in a Partnership Firm. LITERATURE REVIEW: In the article Common Delusions Relating To S.30.Of Indian Partnership Act, it talks about the position of law relating to the minor as a beneficiary to the partnership under Indian law and it also talks about the intent of legislation while drafting the law. This article critically analyse the Section 4 of the Indian Contract Act, 1872. In the article Minor / Minority and capacity to contract- An analysis by Alok Rudra, the critical analysis about the capacity to contract with the help of cases has been made. This article basically focuses on the effects of contract beneficial to the minor and also the limited application of Restitution in case of minors agreement. In the article What are the rights and liabilities of minor partners? by Sanjib Kumar, Rights and liabilities of minor partners have been critically analysed.

OBJECTIVES: 1. To critically analyse the role of the minor in the partnership firm. 2. To trace the evolution of Partnership Firm in India and other countries.

METHODOLOGY: A Doctrinal Research method has been adopted for this research work. The data collected is from library and is secondary in nature from various sources like online journals, case laws, Law Commission Report, Text book, Digest, Gazette etc.

TENTATIVE CHAPTERIZATION: 1. Introduction 2. Global Perspective of Minor as a Partner in a Partnership Firm and status of minor in Partnership Firm in other countries. 3. Role and Liabilities of the minor in a Partnership Firm. 4. Conclusion RESEARCH QUESTIONS: 1. What is the nature of law relating to minors in other countries? 2. Minors are such category of individuals who are not competent to enter into the partnership deed even though all the requirements of section 4 are met with. It is important to find out why this exception has been made and what was the intention of the legislature while making such an act? 3. What are the conditions when a minor can enjoy the benefits of the partnership without being a partner to the partnership firm? 4. Is minor really incompetent to enter into the partnership deed?

BIBLIOGRAPHY: 1. Bangia R. K., Contract II ,2009 edition, Allahabad law agency, The Indian Partnership Act, 1932 2. The Indian Partnership Act, 1932 3. Dr. D.K. Jain, Law & procedure of limited liability Partnership, 2nd Edn, Bharat Law House 4. Goyle's The Law Of Partnership, II edition, by M.R. Mallick, published by Eastern Law House. 5. http://www.caclubindia.com/articles/minor-minority-and-capacity-to-contract-ananalysis-10775.asp#.UxN2APmSziI 6. http://www.publishyourarticles.net/knowledge-hub/law/what-are-the-rights-andliabilities-of-minor-partners.html 7. http://www.bms.co.in/explain-the-position-of-a-minor-in-a-partnership-firm/