New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    The Minor partner becomes liable for the acts of firm

    from ___________.
    A The date of his admission to benefits of partnership as a minor partner Correct Answer Incorrect Answer
    B 6 months from his date of attaining majority. Correct Answer Incorrect Answer
    C 6 months after attaining majority public notice to be given regarding election of partnership Correct Answer Incorrect Answer
    D Liability begins for acts of firm done from the time he was admitted to the benefits of partnership. Correct Answer Incorrect Answer
    E Both C and D are correct. Correct Answer Incorrect Answer

    Solution

    Section30  MINORS ADMITTED TO THE BENEFITS OF PARTNERSHIP (5) 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. (7) Where such person becomes a partner –  (a) his rights and liabilities as a minor continue upto the date on which he becomes a partner, but he also becomes personally liable to third parties for all acts of the firm done since he was admitted to the benefits of partnership, and…

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