Forms of Business Organisation-1 — OCM STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceOCMForms of Business Organisation-13 Marks
Question
Minor partner has special right in the firm. - Explain.
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Answer
According to the partnership Act minor cannot become a partner in the firm. But for the benefit of the firm with the consent of all other partners he is admitted as a partner in the firm.
Minor partner has a right to be get share as decided in the agreement.
Like other partners he can examine the accounts of the firm.
His liability is limited up to his share in profit.
Minor is not liable for the acts of the firm.
Minor can never be declared insolved.
Six months after becoming major the minor partner can decide whether he want to be continued as a partner.
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