Jack and Jill are two individuals who have passed out from engineering college in Mumbai. Jack and Jill both have attained 18 years of age. Now both want to start a start-up for robotic services. Can you advise them:
Assuming that Jill lost both her parents when she was 5 years old and a court appointed a guardian for her. Then would there be any challenge in opening a start-up?
Answers
Answer:
Business Laws
Explanation:
In the above given question,we are informed that Jack and Jill are two individuals who have passed out from engineering college in Mumbai. Jack and Jill both have attained 18 years of age. Now both want to start a start-up for robotic services. Can you advise them:
Assuming that Jill lost both her parents when she was 5 years old and a court appointed a guardian for her. Then would there be any challenge in opening a start-up?
Ans:-
Jack and Jill can both work in Partnership.
THE INDIAN PARTNERSHIP ACT' 1932 Section. 4 of the Indian Partnership Act, 1932 defines Partnership in the following terms: “ Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”
No,there no challenge faced by them because according to section 30 of indian partnership act , 1932 a minor(under the age of 18 ) cannot be a partner but he can made a partner in the profits with the concent of all the other partners.il this way a minor can be a partner but cannot be declared a full fledged partner.