Partnership
This query is : Resolved
Aditya Mishra
(Querist)
08 March 2011
If a minor is entered in to a partnership firm with the consent of all the partners...
My Query is that;
(i) Minor is only in benefits of partnership..
(ii) Minor has no liability, but shares profit then what he also shares the partnership loss..
(iii) Difference b/w Liability & Loss.....?
R.S.V.P.
Aditya Mishra
My Query is that;
(i) Minor is only in benefits of partnership..
(ii) Minor has no liability, but shares profit then what he also shares the partnership loss..
(iii) Difference b/w Liability & Loss.....?
R.S.V.P.
Aditya Mishra
09 March 2011
A minor could be admitted to the benefits of partnership only;
Minor being not eligible to enter into any contract, so he could not be held liable to any adverse result which could not be attributed to his non-action;
Liability could accrue due to loss but loss may not be result of liability;
Minor being not eligible to enter into any contract, so he could not be held liable to any adverse result which could not be attributed to his non-action;
Liability could accrue due to loss but loss may not be result of liability;
Aditya Mishra
(Querist)
09 March 2011
Thanks sir,
but my Que. is "what minor have to share loss of the partnership or not"
but my Que. is "what minor have to share loss of the partnership or not"
CA Ravi Sisodia
(Expert)
09 March 2011
A minor could be admitted for the profits only not for loss.
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