Question no.3 and 4

 

Question no.3 

Explain the circumstances under which a court may dissolve a firm under Section 44 of the Indian Partnership Act, 1932.

Answer

Under Section 44 of the Indian Partnership Act, 1932, the court may dissolve a firm on the suit of a partner on any of the following grounds:

  1. Unsound mind: If a partner has become of unsound mind.
  2. Permanent incapacity: If a partner has become permanently incapable of performing his duties as a partner.
  3. Misconduct: If a partner is guilty of conduct which is likely to adversely affect the carrying on of the business.
  4. Persistent breach of agreement: If a partner wilfully or persistently commits a breach of the partnership agreement, making it impracticable for the other partners to continue the business with him.
  5. Transfer of interest: If a partner has transferred the whole of his interest in the firm to a third party.
  6. Business can be carried on only at a loss: If the business of the firm cannot be carried on except at a loss.
  7. Just and equitable ground: If the court considers any other circumstance to be a just and equitable ground for dissolving the firm.

Conclusion:
Section 44 gives the court the power to dissolve a firm when continuation of the partnership becomes impracticable, unprofitable, or otherwise unjust and inequitable.



Question 2

What is right and liability of a minor regarding partner ship firm according section 30 indian partnership act?



Answer

Section 30 of the Indian Partnership Act, 1932 deals with a minor admitted to the benefits of partnership. A minor cannot become a full partner because partnership is based on a contract, and a minor is not competent to contract. However, with the consent of all the partners, a minor may be admitted to the benefits of an existing partnership.

The rights and liabilities of such minor are as follows:

  1. Right to share in profits: The minor has a right to receive his agreed share of the profits and property of the firm.
  2. Right to inspect accounts: The minor may inspect and copy the accounts of the firm.
  3. No personal liability: The minor's share in the property and profits of the firm is liable for the acts of the firm, but the minor is not personally liable for any act of the firm.
  4. Right to sue after attaining majority: Within six months of attaining majority, or within six months of obtaining knowledge that he was admitted to the benefits of partnership, whichever date is later, the minor must give public notice of his decision whether to become or not become a partner.
  5. If he becomes a partner: If he elects to become a partner, he becomes personally liable to third parties for all acts of the firm from the date on which he was originally admitted to the benefits of partnership.
  6. If he does not become a partner: If he gives notice that he does not want to become a partner, his rights and liabilities are governed by Section 30, and his share is not liable for acts of the firm after the date of notice.

Conclusion: Thus, Section 30 protects a minor by allowing him to enjoy the benefits of partnership without imposing personal liability for the firm's acts until he chooses to become a full partner after attaining majority.

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