The application/statement for registration of a firm, under section 58 of the Indian Partnership Act, 1932
A. Has to be signed by all the partners
B. Has to be signed by a majority of partners
C. Has to be signed by the managing partner
D. Either (A) or (B) or (C)
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The liability, under section 25 of the Indian Partnership Act, 1932, is fastened on the partner, for the acts of the firm, done
A. Before the partner joined the partnership, if the liability is qualified while he was a partner
B. While he is a partner
C. After the retirement of the partner
D. All the above
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A partner ceases to be a partner
A. By retirement
B. By expulsion
C. By insolvency
D. By Death
E. All of the above
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A 'notice' under section 43 of the Act
A. Must be in writing which may be vague
B. Must be in writing which may be ambiguous
C. Must be in writing, factual, explicitand final
D. Either (A) or (B) or (C)
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The liability of a person introduced in the partnership, under section 31(2) of the Act
A. Is for pre-existing debts of the firm
B. Commences from the date of his admission
C. Depends on the agreement between the partners
D. Is for the pre-existing debts as well as the one contracted after his admission
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The rate of interest prescribed under section 13, where a partner, advances money beyond the amount of capital, for the business of the partnership, is
A. Six percent
B. Nine percent
C. Twelve percent
D. Fifteen percent
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Section 22 of the Indian Partnership Act, 1932 requires that the partner contracting for the firm must
A. Expressly inform the other party that he intends to act for the firm
B. Impliedly inform the other party that he intends to act for the firm
C. Either (A) or (B)
D. Only (A) and not (B)
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Liability on holding out is incurred where
A. A person has the knowledge of the representation
B. A person has acted on the faith of that representation
C. Both (A) and (B)
D. Either (A) or (B)
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Clause (e) of section 44 of the Indian Partnership Act, 1932, covers cases of
A. Voluntary transfer of his interest in the partnership, by a partner
B. Involuntary transfer of his interest in the partnership by a partner
C. Both (A) and (B)
D. Neither (A) or (B)
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Which of the following is the duty of a partner?
1. Duty of absolute good faith
2. Duty to render the true account
3. Duty not to compete
4. Proper use of property
A. 1, 2 and 4
B. 2, 3 and 4
C. 1 and 3
D. All of the above
Select an option to see the answer and solution.
The liability by holding out is an application of
A. Principle of undisclosed principal
B. Principle of estoppel
C. Principle of equity
D. Principle of agency
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As a general rule
A. A partner can bring an action against the other partner for partnership without praying for dissolution
B. A partner cannot bring an action against the other partner for partnership without praying for dissolution
C. A partner can bring an action against the other partner for partnership accounts without praying for dissolution only With the permission of the court
D. Only (A) and not (B) or (C)
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How a partnership may be dissolved by agreement?
A. With the consent of all the partners
B. With the consent of all but two partners
C. With the consent of majority of partners
D. If any partner gives notice of dissolution
Select an option to see the answer and solution.
Under section 30 of the Indian Partnership Act, 1932, a minor
A. Can be admitted to the partnership as a full-fledged partner
B. Cannot be admitted to the partnership at all for want of capacity to contract
C. Can be admitted to the partnership for the benefits only
D. Both (A) and (C)
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A partnership not for any fixed duration is
A. Partnership at will
B. Indissoluble partnership
C. Either (A) or (B)
D. None of the above
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The principle of liability by holding out is contained in
A. Section 28 of the Indian Partnership Act, 1932
B. Section 30 of the Indian Partnership Act, 1932
C. Section 29 of the Indian Partnership Act, 1932
D. Section 27 of the Indian Partnership Act, 1932
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The jural relationship between the partners inter se does not come to an end on
A. Retirement of a partner
B. Dissolution of the firm
C. Both (A) and (B)
D. Neither (A) or (B)
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Whether an act of a partner or agent can be regarded as an 'act of the firm' is a
A. Question of fact
B. Question of law
C. Mixed question of fact & law
D. Either (A) or (C)
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Section 45 of the Indian Partnership Act, 1932 provides for
A. Mode of settlement of accounts between partners
B. Authority of partners for the purposes of winding up
C. Liability for acts of the partners after classification
D. Right of partners to have the business would up after dissolution
Select an option to see the answer and solution.
In case of partnership, receivers and managers appointed by the court are
A. Officers of the court and succeed to the personal fiduciary relations of the partners
B. Officers of the court and do not succeed to the personal fiduciary relations of the partners
C. Not officers of the court and succeed to the personal fiduciary relations of the partners
D. Nor officers of the court nor succeed to the personal fiduciary relation of the partners
Select an option to see the answer and solution.