Compare a status of a minor in a Joint Hindu Family Business with that in a Partnership Firm.
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A minor in a joint Hindu business family becomes a member automatically by birth whereas he cannot be a member in a Partnership firm but he is entitled to the benefits of the firm. Minors have a limited share in both the profits and loss of the Joint HIndu family run business (HUF) while they share only the profits in a Partnership firm and no liability.
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A minor becomes a member of Joint Hindu Family Business by virtue of his birth. On the other hand, in partnership, minor can be a partner only in profits. ... On the other hand, in a partnership firm, the minor cannot be a partner of a business. In the partnership firm, the age of the partners should be above 18 years.
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