A minor admitted to a partnership's benefits can be declared insolvent?
ANo, he cannot be
BYes, in all cases
CYes, after one year
DYes, if he consents
Answer & Solution
Correct answer: A. No, he cannot be
A minor has limited liability confined to his share and cannot be declared insolvent.
Keep practising Partnership
Browse all Partnership questions for CA Foundation, or explore more Accounting topics.
Related questions
In an LLP, a partner is not liable for what?A private limited company can have at most how many shareholders?Which is a stated disadvantage of an LLP?An LLP must be audited if its contributions exceed?An LLP must be audited if annual turnover exceeds?What minimum capital is needed to form an Indian LLP?What cap applies to the number of partners in an Indian LLP?An Indian LLP enjoys which feature that an ordinary firm lacks?