Legal Question in Banking Law in India

Re: partnership

you should get the documents signed from the partner who has attained the majority. normally, a minor when attains majority and elects to be working working partner, he becomes liable for all the libillties from the day, he elects to remain in partnership, however, it is advisable to get the documents signed to avoid any technicality of law arising in future.

Re: partnership

The arrangement may continue as before.

Re: partnership

If a minor opts on attainment of majority to continue as a partner, he becomes liable for the acts/liabilities of the firm from the date he was admitted to the benefits of the firm as a minor. However it is prudent to get his acknowledgment of the liability of the firm as also get his personal guarantee after he chooses to continue as a partner after attainment of majority.

Re: partnership

Not mandatorily required but it is recommended.

Re: partnership

Actually the decision is fo other partners to take as they have both options.