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 For the Acts of the firm: 
  • a)
    Minor is personally liable 
  • b)
    Minor’s share is liable 
  • c)
    Guardian is personally liable 
  • d)
    There is no liability at all for or on behalf of the minor 
Correct answer is option 'B'. Can you explain this answer?
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For the Acts of the firm:a)Minor is personally liableb)Minor’s s...
Act of Firm. Section 2 of the Act defines act of firm as any act or omission by all the partners (or by any partner or agent of the firm) which gives rise to a right enforceable by or against the firm. ... The act of the firm therefore binds all the partners of the firm as if it were an act done by all of them. Such minor's share is liable for the acts of the firm, but the minor is not personally liable for any such act. his share in the property and profits of the firm shall be the share to which he was entitled as a minor.
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For the Acts of the firm:a)Minor is personally liableb)Minor’s share is liablec)Guardian is personally liabled)There is no liability at all for or on behalf of the minorCorrect answer is option 'B'. Can you explain this answer?
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For the Acts of the firm:a)Minor is personally liableb)Minor’s share is liablec)Guardian is personally liabled)There is no liability at all for or on behalf of the minorCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about For the Acts of the firm:a)Minor is personally liableb)Minor’s share is liablec)Guardian is personally liabled)There is no liability at all for or on behalf of the minorCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for For the Acts of the firm:a)Minor is personally liableb)Minor’s share is liablec)Guardian is personally liabled)There is no liability at all for or on behalf of the minorCorrect answer is option 'B'. Can you explain this answer?.
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