If a minor, admitted to the benefits of the firm, on attaining majority, fails to give public notice of his intention to become or not to become a partner, within the prescribed six months, by virtue of proviso to section 30(5) of the Act, he
A. Automatically becomes a partner in the firm after the expiry of said six months
B. Automatically ceases to be a partner in the firm after the expiry of said six months
C. Becomes a partner in the firm after the expiry of the said six months only if all the partners consent to it
D. Either (A) or (C)
Answer: Option A
This Question Belongs to Law >> Indian Partnership Act
Section 25 of the Indian Partnership Act, 1932, provides for
A. Liability of the firm for the acts of a partner
B. Liability of a partner for the acts of the firm
C. Liability of the firm for the wrongful acts of a partner
D. Rights of a partner
Where a partner is entitled to interest on the capital subscribed, such interest is payable
A. Out of profits only
B. Out of capital if no profits
C. Out of capital if losses
D. Either (A) or (B) or (C)
Section 44(g) of the Indian Partnership Act, 1932, is to be regarded as
A. Independent of section 44(a) to 44(f) of the Act
B. Ejusdem generis with sections 44(a) to 44(f) of the Act
C. Either (A) or (B)
D. Only (A) and not (B)
A. Suit in respect of any transaction which forms an item of the partnership account
B. Suit for money lent by him to a firm of which he is a member
C. Suit for contributions in respect of moneys borrowed by him under an express agreement with them for the purposes of partnership
D. All the above
Join The Discussion