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Compare the status of a minor in a Joint Hindu Family Business with that in a partnership. |
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Answer» The basis of membership in the HUF business is birth in the family. Hence, minors can also be members of the business. His liability is limited. In a partnership firm, a minor can be admitted to the benefits of a partnership firm with the mutual consent of all other partners. In such cases, his liability will be limited to the extent of the capital contributed by him. |
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