The liability of a minor partner is limited to the extent of:

Related MCQs

• 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?
• 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 —
• 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:
• 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:
• 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:
• M is a minor, B, the borrower, approaches M for a loan on the basis of a mortgage of the house owned by B. Hence, M advances the money and B executed a mortgage in favour of M, a minor. In these circumstances
• From among the following who cannot become a partner of the firm?
• For which of the following purpose is partner ship formed?
• When a partner of a firm agrees to share his own share of profits with an outsider, it called:
• Which of the parties may be admitted as a partner?