Which one of the following statements is correct for a minor who has been admitted to the benefits of a…
Under Section 30(3) of the Indian Partnership Act, 1932 the minor's share is liable for acts of the firm, but the minor is not personally liable. Section 30(2) allows access…
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Which one of the following statements is correct for a minor who has been admitted to the benefits of a partnership (while he continues in the firm without severing his connection)?
Answer and explanation
Correct answer A
Under Section 30(3) of the Indian Partnership Act, 1932 the minor's share is liable for acts of the firm, but the minor is not personally liable. Section 30(2) allows access to and inspection and copying of the firm's accounts. Section 30(4) bars a suit against the partners for an account or payment of the minor's share of property or profits while the minor remains connected to the firm. A suit for dissolution under Section 44 is brought by a partner, and Section 30(1) says a minor admitted to benefits is not a partner.
Option feedback
Option A
Section 30(3) exposes the minor's share to liability for acts of the firm without imposing personal liability on the minor.
Option B
Access to inspect and copy accounts under Section 30(2) differs from a suit for an account, which Section 30(4) bars while the minor remains connected.
Option C
Section 30(4) bars a suit for payment of the share while the minor remains connected to the firm.
Option D
Section 44 permits a partner to seek court-ordered dissolution. A minor admitted to benefits is not a partner under Section 30(1).
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