Question

Which of these is an essential qualification to be a partner of a firm?

• A. High net worth Individual.
• B. Graduate in Business Administration.
• C. Must be competent to contract.
• D. Possessing Aadhar Card.

Answer 1

The correct option is C Must be competent to contract.

The essential qualification to be a partner of a firm is the the parftner must be competent to cantract. It means to become a partner in the partnership firm should have capacity to contract.

Following are the persons who are competent to contract:

1. Every person who has attained the age of majority.

2. Every person who is of sound mind.

3. Every person who is not otherwise disqualified from contracting.