Mannu and Bhanu are partners. Bhanu wants to admit his son Channu into business. Can Channu become the partner of the firm?
Yes
Partnership: Admitting a New Partner
In a partnership firm, bringing in a new partner is a significant decision that affects all existing partners. Partnership is based on mutual trust and agreement among the partners.
According to the Indian Partnership Act, 1932 (or general partnership principles if not specific jurisdiction is mentioned, but the rule is common), a person cannot be introduced as a partner into a firm without the consent of all the existing partners. This means that every current partner must agree to the admission of the new partner.
In the scenario given, Mannu and Bhanu are the existing partners. Bhanu wants to admit his son, Channu, into the business as a partner. For Channu to legally become a partner, it requires the agreement of both Mannu and Bhanu.
Let's look at the options:
- Yes: This option suggests that it is possible for Channu to become a partner. Legally, it is possible, provided both Mannu and Bhanu agree. So, 'Yes' represents the possibility conditioned on the required consent.
- No: This option suggests it is impossible for Channu to become a partner. This is incorrect, as it is possible if all partners agree.
- Yes, if Bhanu agrees to it: This option is incorrect. Admission of a new partner requires the consent of all existing partners, not just one. Mannu's agreement is also necessary.
- More than one of the above: Since only one option correctly describes the legal possibility, this is incorrect.
- None of the above: This would be correct if 'Yes' wasn't a valid representation of the possibility under the condition of unanimous consent.
The question asks if Channu can become a partner. He can, provided the necessary condition (agreement of all partners) is met. Therefore, 'Yes' is the correct answer as it signifies the legal possibility.
Important Questions from Partnership
A, B, C invest Rs. 20000, Rs. 30000, Rs. 40000 in a business. After one year, A withdrew his money but B and C continued for one more year. If the net profit after 2 years be Rs. 32000, then A’s share in the profit is:
Adesh and Bhadresh are partners sharing profits and losses in the ratio of 3 ∶ 2. Chandresh is admitted for 20% of share in profits out of which half of the share was gifted by Adesh and remaining was acquired by Chandresh from Adesh and Bhadresh in equal proportion. What would be new profit-sharing ratio?
Mathur started a business by investing R6,76,000 as capital. After 4 months, Goyal joined the business by investing a capital of Rs. 5,07,000. A total of Rs. 2,60,000 including 25% of the total profit was given to Goyal for conducting business at the end of the year. How much profit Mathur will get?
L, S and D are partners sharing profits in the ratio of \(\frac{2}{5},\frac{3}{7}\) and \(\frac{3}{10}\). If S retires from the firm, what will be the gain ratio of L
Arjun, Bansi and Chelsi are partners in a firm. On June 30, 2023, Chelsi died, the sales for the year 2022–23 was Rs. 30,00,000 and profits were Rs. 6,00,000. The sales for the period from April 1, 2023 to June 30, 2023 were Rs. 7,50,000. What would be the share of deceased partner in the current year’s profits?
