Partnership
This query is : Resolved
08 March 2011
If a minor is entered in to a partnership firm with the consent of all the partners...
My Query is that;
(i) Minor is only in benefits of partnership..
(ii) Minor has no liability, but shares profit then what he also shares the partnership loss..
(iii) Difference b/w Liability & Loss.....?
R.S.V.P.
Aditya Mishra
My Query is that;
(i) Minor is only in benefits of partnership..
(ii) Minor has no liability, but shares profit then what he also shares the partnership loss..
(iii) Difference b/w Liability & Loss.....?
R.S.V.P.
Aditya Mishra
09 March 2011
A minor could be admitted to the benefits of partnership only;
Minor being not eligible to enter into any contract, so he could not be held liable to any adverse result which could not be attributed to his non-action;
Liability could accrue due to loss but loss may not be result of liability;
Minor being not eligible to enter into any contract, so he could not be held liable to any adverse result which could not be attributed to his non-action;
Liability could accrue due to loss but loss may not be result of liability;
09 March 2011
Thanks sir,
but my Que. is "what minor have to share loss of the partnership or not"
but my Que. is "what minor have to share loss of the partnership or not"
09 March 2011
A minor could be admitted for the profits only not for loss.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Gst Sales of FY 2023-24
- RCM - commercial rent paid to URP under GST
- Payable outstanding for years disallowance
- TDS NUMBER SURRENDER
- Form 26QB for TDS on property
- Whether still royalty
- TDS applicability on Service through ECO
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
