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Forms of Business Organization
Question
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Compare the status of a minor in a Joint Hindu Family Business with that in a partnership firm.

Answer

In a Joint Hindu Family Business, minor becomes member of HUF as soon as he takes birth in HUF but in partnership firm, minor cannot become a partner in any firm because he is incompetent to enter into a valid contract with others. However, he can be admitted to the benefits of a partnership firm with the mutual consent of all other partners.

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Some More Questions From Forms of Business Organization Chapter

Can a minor become a member of Joint Hindu Family?

What is the meaning of Partnership organization?

Can a Partnership firm have a minor partner ?

Define partnership deed.

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What do you understand by a Public Company?

Under what circumstances, is a partnership form of business organisation suitable ?

Write a short note on 'implied agency', one of the important characteristics of partnership and also true test of partnership.