Question

Within _________ period on his attaining majority or obtaining knowledge that he has been admitted to the benefits of the partnership, whichever is later, a minor may give public notice of his decision to continue or withdraw from the firm.

• A. Three months
• B. Six months
• C. Eight months
• D. Nine months

Answer 1

The correct option is B Six months

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.