Question

State whether the following statements are True or False:
(a) Registration of a partnership is legally compulsory.
(b) Limited partnership is not allowed in India.
(c) A partnership can take as many partners as it likes.
(d) A minor can become a partner.
(e) Partners may come and go but the partnership goes on forever.
(f) A person becomes a partner on his birth in the family.

Answer 1

(a) True.

(b) False, Limited partnership is effective in India since 31st March,2009.

(c) False, there are maximum partners as per different partnerships.

(d) True.

(e) False, Partnership can be dissolved if all the partners agree upon doing so.

(f) False, a family member as no legal right to become a partner.