Question

Which of the following statement is true?

Options

• a minor cannot be admitted as a partner.

• a minor can be admitted as a partner, only into the benefits of the partnership.

• a minor can be admitted as a partner but his rights and liabilities are same of adult partner.

• none of the above

Answer 1

A minor can be admitted as a partner, only into the benefits of the partnership.

Explanation:

A minor can enjoy the profits of a partnership but cannot be held liable for its debts or participate in its management. Therefore, a minor’s rights are limited to sharing in the benefits, not the liabilities.