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Features of Joint Stock Company

What is the n...

Question

What is the nature of liability of a minor partner?

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Solution

A minor partner's liability is limited to the extent of capital contributed by him i.e. limited liability.

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Similar questions

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

The liability of minor partner is limited.

Q. When the minor elects not to become a partner, his rights and liabilities _________.

What is meant by unlimited liability of a partner ?

Q. What is meant by `unlimited liability of a partner'?

Q. Identify which sentence is correct and which is incorrect.
A. A sub-partner can bind the firm or other partners by his acts.
B. Sub-partner has rights or duties towards the firm and does carry liability for the dents of the firm.
C. Minor partner is entitled to his agreed share
D. Minor can inspect books of account of the firm.
Select the correct answer from the options given.

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