Write short notes on any two of the following:”(a) Minors admitted to the benefits of partnership(b) Sale by sample(c) Firm’s personality for tax purposes(d) Meaning of term goods
QUESTION 8 “ Write short notes on any two of the following:” (a) Minors admitted to the benefits of partnership (b) Sale by sample (c) Firm’s personality for tax purposes (d) Meaning of term goods (a) Minors Admitted to the Benefits of Partnership Relevant Law: Section 30, Indian Partnership Act, 1932 1. Who is a minor? A minor is a person below 18 years . A minor cannot become a partner , but may be admitted to the benefits of partnership . 2. Rights of minor admitted to benefits Right to share profits He can receive his agreed share of profits. Right to inspect accounts He can inspect books of account , but not other confidential documents. Right to sue for share On attaining majority, he may file a suit to claim his share of property. 3. Liability of the minor Only liable to the extent of his share in the firm , not personally liable. His personal property cannot be used to pay firm debts. 4. When minor becomes major Within 6 months of attaining majority, h...