A minor can be admitted to the benefits of partnership, which means _______.

He can have a share in the loss only

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He can have a share in the profit only

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He cannot have any share in profit or loss

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

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Solution

The correct option is B He can have a share in the profit only
According to the Partnership Act, 1932 a minor can be admitted as a partner in a partnership firm with the consent of all the partners in the agreement where the minor will share only the profits or gains of the firm and he will have no share in the firms' loss.

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