Indian Partnership Act - Study Mode

[#526] The scheme of settlement of account of a firm after dissolution as provided under section 48 of the Indian Partnership Act, 1932
Correct Answer

(B) Can be altered by the partners by agreement

[#527] In which of the following cases, it is held to be just and equitable to order dissolution under section 44(g) of the Act
Correct Answer

(D) All the above

[#528] Upon the coming into force of the Limited Liability Partnership Act, 2008:
Correct Answer

(C) Both the Acts co-exist but the provisions of the Indian Partnership Act, 1932 are not applicable to LLPs save as otherwise provided

[#529] On election to become a partner, on attaining majority, by a minor who was admitted to the benefits of the firm, under section 30(7)of the Act, his rights and liabilities in the firm
Correct Answer

(B) Shall relate back to the date when he was admitted to the benefits of the firm

[#530] Which of the following is not a true statement regarding minor's admission to partnership in a firm?
Correct Answer

(A) A minor may be admitted to the benefits of partnership with the consent of majority of partners

Explanation

Solution: Option A: A minor may be admitted to the benefits of partnership with the consent of majority of partners Explanation in HTML format: According to the Indian Partnership Act, 1932 , a minor cannot become a full partner in a firm, but can be admitted to the benefits of partnership . Section 30 of the Act states that a minor may be admitted to the benefits of partnership only with the consent of all the partners , not just the majority. Hence, Option A is incorrect because it wrongly states that majority consent is sufficient. Option B is correct because unanimous consent is required. Option C is correct because a minor is not personally liable for the debts of the firm. Option D is also correct as the minor is entitled to receive only the share of profits as agreed upon. Therefore, the correct answer is Option A.