In partnership, a minor can be partner:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → but only to the benefits of partnership firm
A minor cannot enter into a contract, so he cannot become a full partner. Under Section 30 of the Indian Partnership Act, 1932, a minor may, with the consent of all the partners, be admitted to the benefits of partnership: he shares the profits, but his liability is limited to his share in the firm and he cannot be made personally liable for its debts.
Note: This topic is not covered in any edition of the NCERT Accountancy textbook.