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Partnership act 1932 section 30 subsection 5

Corporate & Other Laws

If minor partner become a major and before giving a public notice a loss or fraud occured than minor's share of property in firm is also liable for it or not please explain .

Shivam Vij

CA Foundation

★ 520

14-Aug-20 16:13

370

Answers (8)

In case he accepts to be a partner then as per section 7(a) he would be personally liable for all the acts since he was admitted for benefits of partnership

Abhishek Purohit

CA Inter

★ 10K+

14-Aug-20 17:56

I dont know about fraud

Abhishek Purohit

CA Inter

★ 10K+

14-Aug-20 17:57

Minor is not liable as he has 6 months time within which he has to serve the public notice.

ruchi lahoti

CA Inter

★ 27K+

17-Aug-20 14:43

ruchi lahoti

Minor is not liable as he has 6 months time within which he has to serve the public notice.

Mam minor would be liable for all the acts done before he accepts to be a partner , if he accepts to be a partner as per section 30(7)(a)

Abhishek Purohit

CA Inter

★ 10K+

17-Aug-20 19:40

Abhishek Purohit

Mam minor would be liable for all the acts done before he accepts to be a partner , if he accepts to be a partner as per section 30(7)(a)

After he accepts to be a partner*

Abhishek Purohit

CA Inter

★ 10K+

17-Aug-20 19:41

Abhishek Purohit

Mam minor would be liable for all the acts done before he accepts to be a partner , if he accepts to be a partner as per section 30(7)(a)

This applicable only if he has served the public notice..he will be liable from that date from when he is admitted as a partner

ruchi lahoti

CA Inter

★ 27K+

18-Aug-20 11:56

ruchi lahoti

This applicable only if he has served the public notice..he will be liable from that date from when he is admitted as a partner

Abhishek Purohit

CA Inter

★ 10K+

18-Aug-20 12:25

Shivam ... U have used 2 words 1.fraud .it is to be kept in mind that minor has no right to participate in management so he is not liable towards any fraud even his share is not lible towards any fraud . 2.loss , minor is admitted only for benifits if any loss happens his share is liable but he is not personally liable .