Question

When the minor elects not to become a partner, his share is not liable for any acts of the firm done _________.

• A. After his admission to benefits of partnership
• B. After the date of giving public notice
• C. After the date of attaining majority
• D. After the date of dissolution of firm

Answer 1

The correct option is B After 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.