Which section of the Partnership Act provides that in the absence of an agreement all partners are entitled and liable for equal share in profit and loss?
A. Section 6
B. Section 13
C. Section 12
D. Section 8
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The default in giving public notice of the retirement of a partner, results in
A. Holding out of the retired partner
B. Estoppel against the firm
C. Both (A) and (B)
D. Neither (A) nor (B)
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A transferee of the partner's interest in the firm
A. Becomes a partner in the firm
B. Does not become a partner but gets a right to require accounts or to inspect the books of the firm
C. Does not become a partner but gets a right to receive the share of profits of the transferring partner
D. Both (B) and (C)
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Under section 52 of the Indian Partnership Act, 1932, the partner entitled to rescind the contract of partnership on the ground of fraud or misrepresentation has
A. A right of lien over the partnership property
B. A right to rank as creditor of the firm
C. A right to be indemnified by the guilty partner
D. All the above
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Which of the following general duties of a partner are provided under section 9 of the Act.
A. To carry on the business to the greatest common advantage
B. To be just and faithful to each other
C. To render true accounts and full information of all things affecting the firm
D. All of the above
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The authority of a partner to bind the firm by his acts done in the usual course of business is called his "implied authority". Such authority does not include:
A. Selling the firm's goods
B. To borrow in a trading firm
C. Settling accounts with the persons dealing with the firm
D. Withdraw a suit or proceeding filed on the firm's behalf
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Once a minor, who has been admitted for benefits of the partnership, severs his connection with that firm the minor has no right to sue
A. For accounts and his share
B. For dissolution of the firm
C. Both (A) and (B)
D. Neither (A) nor (B)
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Section 69 of the Indian Partnership Act, 1932 prohibits
A. Enforcement of rights in respect of unregistered firms
B. Does not prohibit enforcement of rights in respect of unregistered firms
C. Enforcement of rights in respect of registered firm
D. None of above
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In England, the liability of a partner is
A. Joint in case of contracts
B. Joint and several in case of torts
C. Joint in case of both contract & torts
D. Both A and B
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A partner who has paid premium for admission into the partnership, in the premature dissolution of the firm, under section 51 of the Indian Partnership Act, 1932, is not entitled to refund of the premium if the dissolution is occasioned by
A. His own misconduct
B. Agreement between the partners, which is silent about the refund of the premium
C. Either (A) or (B)
D. Only (A) and not (B)
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Which of the following is a valid partnership
A. Partnership between the Karta of a joint Hindu family in his representative capacity and an individual co-parcener of the same family
B. Partnership between two Hindu joint families
C. Partnership between a Hindu joint family and a partnership firm
D. All the above
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Section 17 of the Indian Partnership Act, 1932 provides for the mutual rights and duties of the partners to remain the same in the event of
A. Change in the constitution of the firm
B. Continuation of the partnership after the expiry of the term of partnership
C. Carrying out additional undertaking apart from the one for which the partnership is constituted
D. All the above
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The action for the dissolution of a firm under section 44(d) of the Act can be brought by
A. Any partner including the partner responsible for destruction of mutual confidence
B. Any partner other than the one responsible for destruction of mutual confidence
C. The managing partner irrespective of whether he is responsible for destruction of mutual confidence
D. Only (C) and not (A) or (B)
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Statutory restrictions as contained in section 19(2) of the Indian Partnership Act, 1932 are
A. Binding on all the persons dealing with the firm, without knowledge of the restrictions
B. Binding on all the person dealing with the firm, if they have knowledge of the restrictions
C. Not binding on all the persons dealing with the firm, if they do not have knowledge of the restrictions
D. Both (A) and (C) are correct
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Section 13 of the Indian Partnership Act, 1932 is
A. A mixed statement of rights and duties of the partners
B. A mixed statement of duties and liabilities of the partners
C. A mixed statement of rights and liabilities of the partners
D. A mixed statement of rights, duties and liabilities of the partners
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A partnership for which no period or duration is fixed, under the Indian Partnership Act, 1932 known as
A. General partnership
B. Partnership at will
C. Particular partnership
D. Co-ownership
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Which of the following is not an effect of holding out
A. The apparent partner gets rights against the members of the firm
B. An agency is established between the apparent partner and the real partners
C. The apparent partner incurs no liability to the firm to whom any damage is caused by representing as partner
D. All the above
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Under section 19 a partner has an implied authority to
A. Compromise any claim or a portion of a claim by the firm
B. Relinquish any claim or a portion of a claim by the firm
C. Both (A) and (B)
D. Neither (A) nor (B)
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Which of the following is not an implied right of the partner under the Indian Partnership Act, 1932 as per Section 19 of the Act?
A. To take part in conduct of the business of the firm
B. To attend his duties diligently
C. To have access to and inspect and copy of any of the books of the firm
D. To open a bank account on behalf of the firm in his own name
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Notice of intention to retire by a partner under section 32(1)(c) of the Indian Partnership Act, 1932, should be served on
A. Anyone of the other partner as notice to a partner is a notice to the firm
B. The managing partner as notice to a managing partner is a notice to the firm
C. All the partners
D. Either (A) or (B) or (C)
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