State the legal position of a minor partner under the Indian Partnership Act, 1932 after attaining majority: (A) When he opts to become a partner of the same firm. (B) When he decides not to become a partner. OR State the liabilities of a minor partner both: (i) Before attaining majority and (ii) After attaining majority.

A) When he becomes partner: If the minor becomes a partner on his own willingness or by his failure to give the public notice within specified time, his rights and liabilities as given in Section 30(7) of the Indian Partnership Act, 1932, are as follows: (a) He becomes personally liable to third parties for all acts of the firm done since he was admitted to the benefits of partnership. (b) His share in the property and the profits of the firm remains the same to which he was entitled as a minor. B) When he elects not to become a partner: (a) His rights and liabilities continue to be those of a minor up to the date of giving public notice. (b) His share shall not be liable for any acts of the firm done after the date of the notice. (c) He shall be entitled to sue the partners for his share of the property and profits. It may be noted that such minor shall give notice to the Registrar that he has or has not become a partner. OR Liabilities of a minor partner before attaining majority: a) The liability of the minor is confined only to the extent of his share in the profits and the property of the firm. b) Minor has no personal liability for the debts of the firm incurred during his minority. c) Minor cannot be declared insolvent, but if the firm is declared insolvent his share in the firm vests in the Official Receiver/Assignee. 2) Liabilities of a minor partner after attaining majority: Within 6 months of his attaining majority or on his obtaining knowledge that he had been admitted to the benefits of partnership, whichever date is later, the minor partner has to decide whether he shall remain a partner or leave the firm. Where he has elected not to become partner he may give public notice that he has elected not to become partner and such notice shall determine his position as regards the firm. If he fails to give such notice he shall become a partner in the firm on the expiry of the said six months.