Reconstitution of firm

Minor partner:

In the Indian contract act, an agreement by or with minor os void.as such he is incapable of entering into a contract of partnership. But with the cansent of all the partners for the time being, a minor may be admitted to the benefits of partnership of this provision is based on the rule that the minor cannot be a partner.

Reconstitution of firm:

A partnership firm is said to be reconstituted when any of the following changes occurs and the firm continues:

1.introduction of the partner.

2.retirement of a partner.

3.exulsion of a partner.

4.insolvency of a partner.

5.death of a partner.

6.transfer of a partner share.

Introduction of a partner:

Which details with the position of a minor partner a person may be admitted as a new partner enter-

1.With the consent of all the existing partners, or

2.In accordance with a contract already entered in to between the partners.