New Click here to Enroll in NaBFID Analyst Intro Class on May 6

    Question

    According to Indian Partnership Act, 1932 Within how

    many months of attaining majority or obtaining knowledge of admission to partnership benefits must a person give public notice to determine their position as a partner in a firm?
    A 1 month Correct Answer Incorrect Answer
    B 3 months Correct Answer Incorrect Answer
    C 12 months Correct Answer Incorrect Answer
    D 6 months Correct Answer Incorrect Answer
    E 9 months Correct Answer Incorrect Answer

    Solution

    Section 30 of Indian Partnership Act, 1932 At any time within six months of his attaining majority, or of his obtaining knowledge that he had been admitted to the benefits of partnership, whichever date is later, such person may give public notice that he has elected to become or that he has elected not to become a partner in the firm, and such notice shall determine his position as regards the firm: Provided that, if he fails to give such notice, he shall become a partner in the firm on the expiry of the said six months.    

    Practice Next

    Relevant for Exams: