Study the following statements and pick up the right option from the codes given below Statement I A...........

Indian Partnershoip Act (IPA) 1930 Others

Study the following statements and pick up the right option from the codes given below:

Statement I: A minor can be a partner in a firm if all the members give their consent in

relation to the same.

Statement II: A minor’s share in the firm is liable for acts of the firm but the minor is not personally liable for any such act.

Codes:

Only Statement I is true.

Only Statement II is true.

Both the statements are true.

Neither Statement I nor Statement II is true.

Only Statement II is true.

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