A minor can be admitted to the benefit of partnership, which means _________.

He can have a share in the loss only

No worries! We‘ve got your back. Try BYJU‘S free classes today!

He can have a share in the profits only

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

He cannot have any share in profit or loss

No worries! We‘ve got your back. Try BYJU‘S free classes today!

He can have a share in the profits only if other partner by majority agrees to give it

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B He can have a share in the profits only
A minor can be admitted to the benefit of the partnership, which means he can have a share in the profits only. As per section 30 of the Indian Partnership Act, a minor cannot be a partner in a firm until the consent of all the partners has been accorded. He can only be admitted to the benefits of the partnership by an agreement.
Thus the correct answer is B.

Suggest Corrections

Similar questions

Q. A and B are partners sharing profits and losses in the ratio of

3 : 2

. They admit C into the partnership for one-fourth share of the profits while A and B as between themselves are sharing profits & losses equally. The new profit sharing ratio will be _______.

A and B were partners in a firm sharing profits and losses in the ratio 3 : 2. They admit C into the partnership with $\frac{1}{6}$ share in the profits. Calculate the new profit sharing ratio.

Q. A partner who is entitled to share in the profits of a partnership firm without being liable to share the losses, is called a _______.

Q. A and B are sharing profits and losses in the ratio of 4 :1. C is admitted as a new partner for 1/3rd share of profits for which he pays Rs. 30,000 as goodwill. If A and B agree to share future profits equally, then the amount of goodwill to be credited to A would be :

A

and

B

are partners sharing profits and losses in the proportion of

7 : 5

. They agree to admit

C

, their manager, into partnership who is to get

1 / 6^{t h}

share in the profit. He acquires this share as

1 / 24^{t h}

from

A

and

1 / 8^{h t}

from

B

. Calculate new profit-sharing ratio.

Join BYJU'S Learning Program