Which of these can be admitted as a partner? a)minor b)huf c)partner ship firm d) corporate body?

Question

Answer

minor but he works after 18 years old

Answer

Minor. it is given in partnership act.

Answer

A corporate body can be admitted as a partner in a partnership firm because a corporate body has it own separate legal existence from its members while in the other options minor can't be admitted as a partner as he had no right to enter into a contract and Hindu undivided family and partnership firm have no separate legal existence from its members so they can't be admitted as a partner in a partnership firm so option d is the correct answer

Answer

HINDU UNDIVIDED FAMILY (HUF)in HUF minor become partner from birth

Answer

<div class='forumAnswer'>a) Minor</div>

Answer

Answer

Corporate body

Answer

Minor

Answer

Admission of Partners in Different Entities:

a) Minor:
- A minor refers to an individual who has not attained the age of majority, which is typically 18 years.
- According to the Indian Contract Act, 1872, a minor is not competent to enter into a contract.
- Therefore, a minor cannot be admitted as a partner in a partnership firm.
- However, with the consent of all existing partners, a minor can be admitted to the benefits of the partnership.
- This means that a minor can share the profits of the partnership but cannot participate in the management or decision-making process.

b) HUF (Hindu Undivided Family):
- A Hindu Undivided Family is a legal entity that consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters.
- An HUF can be admitted as a partner in a partnership firm.
- The Karta (head) of the HUF represents the family in the partnership and has the authority to manage the affairs of the partnership.
- The partnership agreement may specify who will be considered the Karta and what rights and responsibilities they will have within the partnership.

c) Partnership Firm:
- A partnership firm can be admitted as a partner in another partnership firm.
- In such a case, the partnership firm becomes a partner and is represented by its partners.
- The partnership agreement should clearly specify the rights, duties, and profit-sharing ratio of the partnership firm as a partner.
- The partnership firm will be bound by the terms and conditions of the partnership agreement and will have the same rights and obligations as any other partner.

d) Corporate Body:
- A corporate body, such as a company or a corporation, can be admitted as a partner in a partnership firm.
- The corporate body is represented by its authorized representatives, such as directors or officers.
- The partnership agreement should clearly define the rights, duties, and profit-sharing ratio of the corporate body as a partner.
- The corporate body will be bound by the terms and conditions of the partnership agreement and will have the same rights and obligations as any other partner.

Conclusion:
- In summary, while a minor cannot be admitted as a partner in a partnership firm, they can be admitted to the benefits of the partnership.
- A Hindu Undivided Family, partnership firm, and corporate body can all be admitted as partners in a partnership firm, subject to the terms and conditions specified in the partnership agreement.

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