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.....?
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;
CAclubindia
