Section 25 of the Indian Partnership Act, 1932, provides for
A. Liability of the firm for the acts of a partner
B. Liability of a partner for the acts of the firm
C. Liability of the firm for the wrongful acts of a partner
D. Rights of a partner
Select an option to see the answer and solution.
Where a partner is entitled to interest on the capital subscribed, such interest is payable
A. Out of profits only
B. Out of capital if no profits
C. Out of capital if losses
D. Either (A) or (B) or (C)
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Section 44(g) of the Indian Partnership Act, 1932, is to be regarded as
A. Independent of section 44(a) to 44(f) of the Act
B. Ejusdem generis with sections 44(a) to 44(f) of the Act
C. Either (A) or (B)
D. Only (A) and not (B)
Select an option to see the answer and solution.
Which of the following suits can be maintained by one partner against the other partner during the subsistence of partnership without praying for dissolution
A. Suit in respect of any transaction which forms an item of the partnership account
B. Suit for money lent by him to a firm of which he is a member
C. Suit for contributions in respect of moneys borrowed by him under an express agreement with them for the purposes of partnership
D. All the above
Select an option to see the answer and solution.
Which of the following rights is not available to the transferee of a partners' interest in the firm
A. To interfere in the conduct of business
B. To receive the profits which fall to the share of the transferring partner
C. Both (A) and (B)
D. Neither (A) nor (B)
Select an option to see the answer and solution.
Which of the following is not correct about a minor?
A. He cannot become a partner
B. He can be admitted to the benefits of partnership
C. He is personally liable for the acts of the firm
D. He can elect to become or not to become a partner on attaining the majority
Select an option to see the answer and solution.
Under section 49 of the Indian Partnership Act, 1932
A. The partnership property can be applied for payment of separate debts of a partner
B. The share of the partner in the partnership property can be applied for payment of separate debts of a partner
C. The share of the partner in the partnership property, after payment of firm debts, shall be applied for payment of separate debts of a partner
D. The share of the partner in the partnership property, after the payment of firm debts, shall not be paid to the partner if there are separate debts of the partner
Select an option to see the answer and solution.
Which of the following cases recognized the rule of vicarious liability of the firm for the wrongful acts or omissions of the partner done in the ordinary course of business.
A. Lloyd v. Grace Smith & co.
B. Cox v. Hickman
C. Sadler v. Lee
D. Bentley v. Craven
Select an option to see the answer and solution.
A person is liable as a partner of a firm, on the principle of holding out, where he
A. Declares himself to be a partner of the firm
B. Represents himself to be a partner of the firm
C. Knowingly permits others to represent him as a partner in the firm
D. Either (A) or (B) or (C)
Select an option to see the answer and solution.
In a 'Partnership will'
A. No provision is made by contract between partners for the duration of their partnership
B. No provision is made by contract between the partners for the determination of the partnership
C. Both A and B
D. None of the above
Select an option to see the answer and solution.
Where a partnership is dissolved by the death of a partner, in the absence of a provision expressly meant and clearly implied, a legal representative of the deceased partner is
A. Entitled to a share in the goodwill
B. Entitled to a share in the goodwill only with the consent of all other partners
C. Not entitled to a share in the goodwill at all
D. Entitled to a share in the goodwill only if the court so directs
Select an option to see the answer and solution.
Alterations in partnership deeds are to be brought to notice of
A. Sleeping partners
B. Registrar of Firms
C. Retired partners
D. None of the above
Select an option to see the answer and solution.
Which of the following Sections defines the doctrine of holding out, creating the liability of a 'Non-partner' under Indian Partnership Act?
A. Section 28
B. Section 29
C. Section 30
D. Section 31
Select an option to see the answer and solution.
In a suit for partnership accounts, all the partners and the legal representatives should be made parties and if a party is added after the ban of limitation
A. The suit shall be barred against that party only
B. The suit will be barred against all the parties
C. The suit shall continue against that party as well and the bar of limitation shall not operate
D. The suit will continue against the already impleaded parties
Select an option to see the answer and solution.
The position of a minor is provided under
A. Section 28
B. Section 30
C. Section 31
D. Section 32
Select an option to see the answer and solution.
A Partner of an unregistered Firm cannot sue the Firm or any other Partner of the Firm to enforce a right:
A. A rising from a contract
B. Conferred by the Partnership Act
C. Either (A) or (B)
D. Both (A) and (B)
Select an option to see the answer and solution.
Where the firm is not dissolved by the death of a partner, under section 35 of the Indian Partnership Act, 1932
A. The estate of the deceased partner is not liable for any act of the firm done after his death
B. The estate of the deceased partner is liable for the acts of the firm done after his death
C. The estate of the deceased partner is liable for acts of the firm which are within the implied authority of the partner
D. The estate of the deceased partner may or may not be liable for the acts of the firm depending on the contract between the partners
Select an option to see the answer and solution.
Section 23 of the Indian Partnership Act, 1932 provides that an admission made by a partner is an evidence
A. Against the partner
B. Against the firm
C. Against the managing partner
D. All the above
Select an option to see the answer and solution.
The principle of joint and several liability signifies that for every act of the firm, a partner can be sued
A. Individually
B. Jointly with other co-partners
C. Either (A) or (B)
D. Only (B) and not (A)
Select an option to see the answer and solution.
A, B and C enter into an agreement for partnership at will. The partnership deed contains the following provisions. Which one of the following provisions of the deed is inconsistent with partnership at will?
A. That there will be option for a surviving partner to purchase a deceased partner's share at a fixed valuation
B. That disputes between the partners, if any, shall be referred to arbitration
C. That every partner will have a power to nominate his successor
D. That if any partner wants to retire from partnership, notice of a certain fixed time will be required before retirement
Select an option to see the answer and solution.
