Partnership

This query is : Resolved

Aditya Mishra (Querist)
Follow

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

Surrender

Surrender (Expert)
Follow

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;

Aditya Mishra

Aditya Mishra (Querist)
Follow

09 March 2011 Thanks sir,
but my Que. is "what minor have to share loss of the partnership or not"

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
Follow

09 March 2011 A minor could be admitted for the profits only not for loss.

Surrender

Surrender (Expert)
Follow

12 March 2011 Benfirs "only" implied no losses !

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Aayushi Chauhan

prakash takane

venkateswara reddy

Thanwar Chhatwani

R Prabhudoss

Subscribe Now

Partnership

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

GST CONSULTANT

GST CONSULTANCY

CA Final

Accountant