CameraIcon

SearchIcon

MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

What Is a Share?

State whether...

Question

State whether the following statements are True or False.

The liability of minor partner is limited.

Open in App

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.

Suggest Corrections

thumbs-up

0

Similar questions

Q. State, whether the following statements are True or False.

The liability of a shareholder of public limited company is limited.

Q. State with reasons whether the following statements are True or False.
In a partnership firm, the liability of partners is unlimited.

Q. State whether the following statements are true or false :

Death of a partner is like a compulsory retirement

Q. State whether the following statements are true or false :

Retiring partner is entitled to his share of goodwill.

Q. 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.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Why to Invest in a Company?

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

What Is a Share?

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon