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No, not if they are under 18. A minor can not sign a contract so they would not be liable for a business.
Wiki User
∙ 12y ago
The liability of a minor partner depends on the specific terms of the partnership agreement. Generally, a minor partner is liable for their share of the partnership's losses up to the amount of their capital contribution. However, if the partnership agreement holds the minor partner as fully liable, they may be responsible for the entire loss of business.
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When a Loss is Identified Who is Pecuniarily Liable?
The party responsible for causing the loss or damage is typically financially liable. This could be an individual, a company, or an entity that has a legal duty of care. Liability can also be outlined in contracts or insurance policies.
Can a company be held liable for an accident if they didn't keep up with their lot.?
Yes, they could be held liable, but only if the negligence is contributable to a loss
What is the business value of security and control?
The business value of security and control Organizations can be held liable for needless risk and harm created if the organization fails to take appropriate protective action to prevent loss of confidential information, data, corruption, or breach of privacy
What is partner by holding out?
To understand Partner by Holding out , first we need to understand difference between Partner by estoppel and Partner by holding out :Partner by estoppel -If a person falsely represents himself as a partner of any firm or behaves in a way that somebody can have an impression that such person is a partnerand on the basis of this impression transacts with that firm then that person is heldliable to the third party. The person who falsely represents himself as a partner isknown as partner by estoppel. Take an example. Suppose in Ram Hari & Co firmthere are two partners. One is Ram, the other is Hari. If Giri- an outsider representshimself as a partner of Ram Hari & Co and transacts with Madhu then Giri will be heldliable for any loss arising to Madhu. Here Giri is partner by estoppel.Partner by holding out -In the above example, if either Ram or Hari declares that Gopal is a partner of their firm and knowing this declaration Gopal remains silent thenGopal will be liable to those parties who suffer losses by transacting with Ram Hari &Co with a belief that Gopal is a partner of that firm. Here Gopal is liable to those parties who suffer losses and Gopal will be known as partner by holding out.
Can you take a loss on a sale of a business asset?
Yes loss on sale of business assets is a normal things and mostly for obsolete business assets are sold on loss.
What to protect your business from unexpected loss due to hazards?
Insurance is purchased to protect a business from unexpected loss.
Who said this statement smokers are liable to die young?
the average is a life loss of 10 years for a smoker.
Can a minor contribute to a minor?
ceratainly if a minor entices another minor to break the law or perform an act causing a loss or injury to another. it is called peer pressure.
What is significant intervertebral disc space signal loss at C6-C7 with minor diffuse disc bulge?
Significant intervertebral disc space signal loss at C6-C7 is a nerve impingement which may be painful or cause loss of feeling. A minor diffuse disc bulge is a minor bulge of the affected disc.
How does crime effect business?
It makes the business run at a loss
What is business climate?
A business that has stopped operating, with a loss to creditors.
What is loss prevention?
Loss prevention in the business/retail world is the Monitoring and prevention of internal/external theft in a business or "shrinkage"
