Question

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

• A. Continue to be those of a minor up to the date of giving public notice
• B. Are the same as that of all other partner
• C. Become ineffective since the partnership is invalid
• D. None of the above

Answer 1

The correct option is A Continue to be those of a minor up to the date of giving public notice

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 not to be a partner then he will be not be regarded as a partner after the date of giving public notice.