Can a minor get into a partnership firm as a partner? Explain.
Answers
Answer:
Minor can become a partner only for profits
Explanation:
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Answer:
Explanation:
A Minor Can Be Admitted to The Benefits of Partnership Alone A minor can be admitted to the benefits of a partnership with the consent of all other partners for the time being. This can be done in a firm which already exists. He cannot be a full fledged partner.
Rights of a Minor in a Firm
A minor has a right to have access and inspect and copy any of the accounts of the firm The minors share is liable for the acts of the firm but his personal property is not liable for the debts of the firm. The minor on severance can sue the partners for account. Liability of a Minor Liability of a Minor in a Firm. The share of a minor in the firm is liable for the acts of the firm. The personal property of the minor is not liable for the debts of the firm.
Position on attaining majority Within 6 months of his attaining majority, he has to give notice: (I) Whether he wishes to continue as a partner or not (II) In case he does not make such announcement, he will be treated as decided to continue as a full fledged partner (III) When he chooses to become a partner or is deemed to be partner his liability becomes unlimited with effect from the date of his admission as such.
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