Expulsion of a partner from partnership without affording him the opportunity of being heard is
A. Valid
B. Voidable at the instance of the expelled partner
C. Voidable at the instance of any copartner
D. Legal
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Under section 18 of the Indian Partnership Act, 1932, partners are the agents
A. Of the firm for business purposes
B. Of the co-partners in individual or personal capacity
C. Of the firm for purposes outside the business
D. Of all (A), (B) and (C)
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A partner appointed as receiver by the court on the usual terms is
A. Entitled as such to his remuneration and costs out of the assets in his hand, although as a partner, he is in debt and unable to pay
B. Entitled as such to his remuneration and costs out of the assets in his hand only if as a partner is not in debt
C. Not entitled to any remuneration and costs
D. Not entitled to any remuneration but only costs
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Under section 36 of the Indian Partnership Act, 1932, the position of a retired partner is
A. The same as that of a seller of goodwill
B. Different from that of a seller of goodwill
C. The same as that of a partner who has died
D. The same as that of a partner who has been adjudicated as insolvent
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Who amongst the following is not liable, in the absence of a public notice of dissolution, under section 45 of the Indian Partnership Act, 1932, after dissolution of the firm
A. Deceased partner
B. Insolvent partner
C. Dormant partner
D. All the above
Select an option to see the answer and solution.
Liability of a partner towards third party for the acts done by the other partner in the course of business of the firm is
A. No liability
B. Jointly liable and not severally
C. Jointly and severally liable
D. Liable to the extent of his share
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Where a firm whose proposed name is similar to that of a firm already registered, the registrar of firms
A. Has to refuse registration
B. Cannot refuse registration
C. May refuse registration
D. Has to retum the statement to the party for change of name
Select an option to see the answer and solution.
Where a partner in a firm is adjudicated an insolvent, the said partner
A. Ceases to be a partner in the firm
B. Continues to be a partner and his status is that of a retired partner
C. Continues to be a partner and his status is that of a dormant partner
D. Either (A) or (C)
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The implied authority of a partner, under section 19 of the Act does not extend to
A. Withdrawal of a suit or proceedings filed on behalf of the firm
B. Submit a dispute relating to the business of the firm to arbitration
C. Both (A) and (B)
D. Only (A) and not (B)
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Section 14 of the Indian Partnership Act, 1932 is
A. Exhaustive
B. Inclusive
C. Conclusive
D. Both (A) and (C)
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A partner can be expelled in exercise of powers conferred by
A. The Partnership Act, 1932
B. The contract between the partners
C. Either (A) or (B)
D. Both (A) and (B)
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A partner in a firm can under section 32(1)(a) Partnership Act, of the Indian Partnership Act, of
A. All the partners
B. Majority of the partners
C. The managing partner
D. Either (A) or (B) or (C)
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The changes in the constitution of the firm or dissolution of the firm, where the firm is a registered firm, under section 63 of the Indian Partnership Act, 1932, has to be notified to the Registrar by
A. All the partners
B. The majority of partners
C. Any of the partners
D. An outsider/creditor of the firm
Select an option to see the answer and solution.
Under the Indian Partnership Act, 1932, where no provision is made by contract between the partners for the duration of their partnership or for the determination of their partnership, the partnership is called.
A. Partnership indefinite
B. Partnership at will
C. Unlimited partnership
D. General partnership
Select an option to see the answer and solution.
The effects of non-registration of a firm under the Indian Partnership Act, 1932, have been prescribed under
A. Section 69 of the Act
B. Section 70 of the Act
C. Section 68 of the Act
D. Section 67 of the Act
Select an option to see the answer and solution.
A notice to one partner operates as a notice to the whole firm. However
A. The notice must have been given to partner who habitually acts in the business of the firm
B. Notice to a dormant or a sleeping partner would also suffice
C. Notice to a partner who commits a fraud on the firm will not be a notice to the firm
D. Both (A) and (C) are correct
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The rules as to the settlement of account of a firm after dissolution are contained in
A. Section 48 of the Act
B. Section 50 of the Act
C. Section 47 of the Act
D. Section 49 of the Act
Select an option to see the answer and solution.
Section 22 of the Indian Partnership Act, 1932 provides for
A. Authority of a partner in emergency
B. Mode of exercising authority to bind the firm
C. Extension and restriction on the partner's implied authority
D. Effect of admissions by a partner
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Which among the following conveyance/deed is not required to incorporate the essential components of deed enshrined in it?
A. A lease deed of less than twelve months
B. A sale deed
C. A partnership deed
D. A will
Select an option to see the answer and solution.
Which of the following in itself is not sufficient to constitute a partnership
A. The sharing of profits by persons having a joint or common interest
B. The receipt by a person of a share of the profits
C. The receipt by a person of a payment varying with the profits earned by a business
D. All the above
Select an option to see the answer and solution.