Qus . 1 - Is a Minor equal to a 'Partner in profits only'

Question

Gaurav · Answer

Yes, but the only difference is after attaining majority minor should elect to be in firm or not within 6 month of attainment of majority however partner in profits is partner in profit till his death or retirement. It's a short and badly presented answer just for understanding it can be presented in better and and long way

Sans · Answer

As he is a minor he couldn’t share any losses because he doesn’t earn at that age so with the consideration of all the partners he becomes a partner only in profits

Sanchit · Answer

Minor is a partner for profit only until he becomes major

Qus . 1 - Is a Minor equal to a 'Partner in profits only'

3 answers

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