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A minor, who has been admitted to the benefits of the partnership under Section 30(5) of the Indian Partnership Act on attaining majority has to exercise an option, to stay or to leave the firm within
one month of attaining majority
six months of attaining majority
90 days of attaining majority
None of the above
- According to Section 30(5) of the Indian Partnership Act, a minor admitted to the benefits of a partnership must decide whether to become a full partner or leave the firm after attaining majority.
- The law provides a specific time frame for the minor to make this choice.
- Option 1: One month of attaining majority
This is incorrect. The period is not just one month.
- Option 2: Six months of attaining majority
This is the correct option. The minor has up to six months after becoming a major, or from when they first learn they were part of the partnership, whichever is later, to exercise this option.
- Option 3: 90 days of attaining majority
There is no 90-day condition in the Act.
- Option 4: None of the above
Not correct, since option 2 fits the legal requirement.
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