Editing Openai/68daa8d8-0204-8001-988b-c981f5194aa0 (section)

=== Assistant: That’s a very sharp question, and you’re connecting law with real life 👏 Let me explain carefully: ===
That’s a very sharp question, and you’re connecting law with real life 👏 Let me explain carefully:

===== According to Indian Partnership Act, 1932 (Section 30): =====
* A minor cannot be a full partner in a firm.
* But a minor can be admitted to the benefits of partnership → this means: - You can invest money in the firm. - You can get a share of profits. - But you cannot be personally held liable for losses beyond your investment. - Your liability is limited only up to the amount you invested.

===== - Since you are 16 years old, you cannot sign contracts on your own (because you are legally not competent to contract under the Indian Contract Act, 1872). =====
* But, with the consent of all partners, a minor can be admitted for benefits. Usually, a guardian/parent has to sign on behalf of the minor.

✅ So, in your case:
* You can invest money in a partnership as a minor.
* You will get profits from that investment.
* If the firm makes a loss, you do not need to pay from your personal property. Your liability is limited to your investment.
* Once you turn 18, you have to choose: - Either become a full partner (then liability becomes unlimited), or - Leave the firm.

Do you want me to also explain with a real-life style example (like if you invest ₹50,000 in a partnership as a minor, how profit/loss sharing will work)?