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Partnership

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(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
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Surrender

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Surrender (Expert)
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;
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Aditya Mishra

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Aditya Mishra (Querist)
09 March 2011 Thanks sir,
but my Que. is "what minor have to share loss of the partnership or not"
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
09 March 2011 A minor could be admitted for the profits only not for loss.
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Surrender

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Surrender (Expert)
12 March 2011 Benfirs "only" implied no losses !
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