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What Is a Share?

State whether...

Question

State whether the following statements are True or False.

The liability of minor partner is limited.

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Solution

True
Explanation: With the consent of all the partners, a minor can be admitted to the benefits of partnership. That is, he can be admitted as a partner but only for sharing profits of the firm. His liability is limited to the extent of capital contributed by him. Hence, the above statement is true.

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