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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Partnership with 17 adults and 4 minors exceeds legal limit u/s 11(2) of Companies Act, 1956.</h1> The legal validity of a partnership firm with seventeen adult partners and four minors was examined under Section 11(2) of the Companies Act, 1956. This section stipulates that any partnership with more than twenty persons must be registered as a company. Although minors are not considered partners under the Indian Partnership Act until they reach majority and choose to remain partners, they are still counted as 'persons.' Consequently, partnerships exceeding twenty persons, including minors, are deemed illegal and should be assessed as an association of persons. Income-tax officers are instructed to apply this legal interpretation in their assessments.
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