Question

Apartner below the age of 18 years. Answer in a word / phrase / term.

Answer 1

Hello there!!

_____________________________

A partner below the age of 18 is called as Minor partner. The liability of minor partner is limited and he can check the financial status of the business like balance sheet, p& l.

_________________________

Answer 2

A partner below the age of 18 years is a minor partner.

* According to Section 20 of the Partnership Act, a minor is not eligible to be an active partner in any business.

* Such a partner can be given the benefits of the business only under the consent of the other partners present in the firm.

* However, on attaining the age of 18, he is given a chance to decide his partnership in the firm which can be declared only by public notice.

* After becoming a full partner, he has a share in the profits as well as the losses borne by the firm.