Which one of the following is incorrect? Under the Partnership Act, a minor who has been admitted to partnership when attains majority should adhere to the following:
A. Issue a public notice that he has elected to become or that he has elected not to become a partner
B. Option must be exercised within 2 months on attaining majority
C. When the minor opted to become a partner his rights and liabilities as a minor continue upto the date on which he becomes a partner
D. When the minor opted not to become a partner his rights and liabilities shall continue upto the date on which he gives a public notice
Answer: Option B
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
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