Section 8 of the Indian Partnership Act, 1932 provides for
A. A particular partnership
B. A general partnership
C. A partnership at will
D. All the above
Select an option to see the answer and solution.
Section 27 of the Act recognizes the liability of the firm for a particular kind of wrong done by a partner.
A. Misapplication of money or property received from a third party
B. Misusing the authosrity vested
C. Acts done against public policy
D. None of the above
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Which of the dissolution does not amount to compulsory dissolution?
A. By adjudication of all the partners as insolvent
B. By adjudication of all but one partner as insolvent
C. By the happening of an event which makes it unlawful for the business of the firm to be carried on
D. Dissolution with the consent of all the partners
Select an option to see the answer and solution.
Generally, an introduction of a new partner in a partnership firm would require the consent of;
A. The majority of the partners
B. All the partners
C. The majority of partners barring the dormant partners
D. The partners having majority share in the firm
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A partnership firm is required to be registered under
A. The Indian Registration Act, 1908
B. The Companies Act, 1956
C. The Indian Partnership Act, 1932
D. Indian Contract Act, 1872
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Partnership is . . . . . . . .
A. Juristic person
B. Group of people
C. Not a juristic person
D. A firm
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In Commissioner of Income Tax v. Seth Govindram Sugar Mills, AIR 1966 SC 24, it has been held
A. A clause in the partnership agreement enabling a partner to nominate his successor does not apply to a partnership of two partners which is dissolved by the death of one of them
B. A clause in the partnership agreement enabling a partner to nominate his successor is valid in case of a partnership of two persons which may be dissolved by the death of one of them
C. None can be introduced in the partnership by nomination
D. None can be introduced in the partnership without the consent of all the partners
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For holding the firm liable for the wrongful acts of a partner, under section 26 of the Indian Partnership Act, 1932, the act by the partner must be done
A. In the ordinary course of business of the firm
B. With the authority of his co-partners
C. Either (A) or (B)
D. Only (B) and not (A)
Select an option to see the answer and solution.
Whether a partnership exists or not is a
A. Question of fact
B. Question of law
C. Mixed question of fact and law
D. Either (A) or (C)
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Which of the following can be questioned by a transferee of a partner's interest in the firm
A. The accounts of profits as is declared by the other partners
B. The arrangement made by the partners as between themselves relating to their rights or profits
C. The share of profits of the transferring partner being given to him
D. Neither (A) nor (B) nor (C)
Select an option to see the answer and solution.
Who among the following appoints the Registrar of Firms in the States?
A. Concerned State Government
B. Central Government
C. Chairman of Company Law Board (CLB)
D. Registrar of Companies
Select an option to see the answer and solution.
The principles governing the relations of partners to third parties, are certained in
A. Chapter 4 of the Indian Partnership Act
B. Chapter 5 of the Indian Partnership Act
C. Chapter 3 of the Indian Partnership Act
D. Chapter 6 of the Indian Partnership Act
Select an option to see the answer and solution.
Registration of a firm is
A. Mandatory
B. Desirable
C. Not compulsory
D. Directory
Select an option to see the answer and solution.
An application for registration of a firm under section 58 of the Indian Registration Act, 1932, is
A. Is required to be presented personally to the Registrar of firm
B. Is required to be sent by post
C. Either (A) or (B)
D. Only (A) and not (B)
Select an option to see the answer and solution.
In case of immovable property of firm, the power to transfer must be given
A. Impliedly to the transferring partner
B. Expressly to the transferring partner
C. Both (A) and (B) are correct
D. None of above are correct
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By implied authority, each partner binds all other partners by his acts in all matters which are within the scope and objects of partnership. In a partnership of general commercial nature, which of the following is not within the implied authority of partners?
A. That every partner may pledge or sell the partnership property
B. That any partner may admit any liability in a suit against the firm
C. That every partner may borrow money on account of the partnership
D. That every partner may engage servants for the partnership business
Select an option to see the answer and solution.
For constituting a partnership within the meaning of section 4 of the Indian Partnership Act, 1932
A. The business has to be of permanent nature
B. The business can be of temporary nature
C. It is immaterial as to whether the business is of temporary or permanent nature
D. Only (A) and not (B)
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Suit for dissolution is . . . . . . . proceeding?
A. Not an independent
B. An independent
C. An invalid
D. A conditional
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Penalty for furnishing false particulars within the meaning of section 70 amounts to:
A. Upto 3 months imprisonment or with fine or with both
B. Upto 6 months imprisonment or with fine or with both
C. Upto 9 months imprisonment or with fine or with both
D. None of above
Select an option to see the answer and solution.
An agreement in restraint of trade in a partnership under Section 11 of the Indian Partnership Act is
A. Valid
B. Voidable
C. Void
D. Illegal
Select an option to see the answer and solution.