When a minor on attaining the age of majority, has elected to become a partner, he becomes personally liable to third parties for all the acts of the firm from the date of his:

Related MCQs

• On attaining majority when the minor partner elects not to become a partner, his share is not liable for any acts of the firm done —
• Identify the incorrect statements: (1) When a firm is constituted for a fixed duration it cannot be dissolved before the expiry of that duration. (2) A partnership at will can be dissolved by the wish of even a single partner. (3) When a partner of a firm becomes lunatic, the firm dissolves automatically. (4) Even after dissolution, partners of a firm continue to be liable for acts of the firm until the affairs of the firm are finally wound up. Code:
• A minor enters into agreement representing himself to be a major consider the following statement: 1. Minor commits fraud if the other party does not have personal knowledge of his age 2. Such agreement is not enforceable 3. The doctrine of estoppel does not apply in minor's case 4. Other party is entitled to get back the benefit passed to minor, if innocent about his age Which of the statements given above are correct?
• A minor may give public notice of his decision to continue or withdraw from the firm on his attaining majority within:
• Retiring partner continues to remain liable to third parties for acts of the firm :—
• A minor, before attaining the age of majority, has the right to:
• After a firm is dissolved, every partner or his representative may restrain any other partner or his representative from carrying on similar business in the firm's name or by using firm's property for own benefit, until:
• A, while filling up the insurance application form, states his age as 25 believing it to be true. His actual age was 27. The Life Insurance Corporation issued a policy in his favour charging a lower premium than what it should have charged if the actual age had been given. This is a case of
• The authority of a partner to bind the firm for his acts as contained in section 19 of the Partnership Act is known as:
• A, B and C are partners of an unregistered firm. D owns this firm ` 1000 on a contract. The firm filed a suit against D the suit is dismissed for non-registration of the firm. The firm is registered later on. In this case which one of the following statements is MOST appropriate.