Question

If minor becomes or elects to become a partner, his position will be ____________________________.

• A. His rights and liabilities will be similar to those of a full-fledged partner
• B. He will be personally liable for all the acts of the firm, done since he was first admitted to the benefits of the partnership
• C. His share of profits and property remains the same as was before, unless altered by agreement
• D. All of the above

Answer 1

The correct option is D All of the above

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. A minor has to give a public notice whether he wants to be admitted in the partnership firm or not within the six months on his attaining maturity or obtaining knowledge of his admission as a partner. If a minor elects himself as a partner then he will become liable of all the acts of the firm and other partners after the date of giving public notice.