NOTES


CA-Foundation > Business Laws > The Indian Partnership Act, 1932 - Relation of Partners (Old & New)

What are the matters that require unanimous consent of all the partners?



Ans.

Right to be consulted [Sec. 12(c)]

Every partner has a right to be consulted and heard before any matter is decided. Ordinary matters may be decided by majority opinion but matters of fundamental nature would require unanimity.

The matters which are to be decided by unanimous consent of all the partners are discussed below:

(i) Nature of business [Sec.12]: No change can be made in nature of the business without the consent of all the partners.

(ii) Admission of a partner [Sec. 31(1)]: A person can be admitted as a partner, only with the consent of all the existing partners.

(iii) Transfer by a partner of his interest in the firm (sec. 29): A partner can transfer his share in the firm to a third person with the consent of all other partners.

(iv) Admission of a minor to the benefits of partnership [Sec. 30(1)]: A minor is incompetent to contract and, therefore a contract of partnership cannot be entered into with a minor. However, he can be admitted to the benefits of an existing partnership firm provided all the partners consent to it.

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Notes of The Indian Partnership Act, 1932 - Relation of Partners (Old & New)



  1. What are the rights and liabilities of a minor as a partner in a partnership firm?
    see in detail

  2. Explain the position if a minor in a partnership firm.
    see in detail

  3. State any 5 right of the partners as mentioned in the Partnership Act, 1932.
    see in detail

  4. What are the matters that require unanimous consent of all the partners?
    see in detail

  5. State the mutual rights and duties of partners after the expiry of the term of the firm.
    see in detail


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