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Business Environment, Ethics and Management

Question

Which of the following statement is incorrect as to a minor's position in a partnership firm?
Minor is admitted to a share of partnership profits
Minor is personally liable to contribute to the losses
Minor is entitled to a share of the firm's property
Minor can inspect and copy any of the firm's accounts

A

Minor is admitted to a share of partnership profits

B

Minor is personally liable to contribute to the losses

C

Minor can inspect and copy any of the firm's accounts

D

Minor is entitled to a share of the firm's property

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Solution

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A minor can be admitted as a partner in a partnership firm with the consent of all the partners in the agreement where the minor will share only the profits or gains of the firm and he will have no share in the firm's loss. The minor can even inspect the books of accounts of the firm.

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