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Business Studies

Types of Partners , Partnership and Companies

A minor is pe...

Question

A minor is personally liable for the debts of the firm ________________.

A

Correct

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B

Incorrect

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C

Partly correct

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D

Partly incorrect

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Solution

The correct option is B Incorrect
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 firm's loss.
The minor can even inspect the books of accounts of the firm.

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