An action for indemnity against a partner can be brought by
A. The firm only
B. An individual partner
C. Either (A) or (B)
D. Neither (A) nor (B)
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The principles governing partners' mutual relations have been laid down in
A. Chapter II of the Indian Partnership Act
B. Chapter III of the Indian Partnership Act
C. Chapter IV of the Indian Partnership Act
D. Chapter V of the Indian Partnership Act
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Where the partnership business is carried on by the other partners after the outgoing of a partner, without a final settlement of accounts, under section 37 of the Act, the outgoing partner is entitled to a share of profits
A. In equal share with other partners
B. Proportionate to the share of assets
C. Higher than what he was getting when he was a partner
D. As decided by the partners
Select an option to see the answer and solution.
The option to stay or to leave the partnership, by a minor on attaining majority under section 30(5) of the Act, can be exercised
A. By giving a notice to all the adult partners
B. By giving a public notice of it
C. By giving notice to the guardian
D. Either (A) or (B) or (C)
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A partnership firm not registered with the Registrar of Firms under the Indian Partnership Act, 1932 can:
A. File a suit to enforce contractual rights with a third person
B. File a suit based on common law rights
C. File a suit for recovery of money under an agreement under Order XXX of the Code of Civil Procedure, 1908
D. File all types of civil suit which have merit
Select an option to see the answer and solution.
In which of the following cases, a partnership exist:
A. Several persons jointly purchase goods for resale with a view to divide the profits arising from the transaction
B. Persons (co-owners) who join in the purchase of goods for the purpose of dividing the goods themselves
C. A, B and C agreed that each should furnish Rs. 3000 worth of goods to be shipped on a joint venture, the profits to be divided between them according to the amount of their several shipments
D. Two tenants in common of a house let it and divide the rent equally
Select an option to see the answer and solution.
A minor admitted to the benefits of the firm under section 30 of the Act has a right to
A. Share profits and the property of the firm
B. Have access to, inspect and copy accounts of the firm
C. Both (A) and (B)
D. Only (A) and not (B)
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Under section 40 of the Indian Partnership Act, 1932, a firm can be dissolved
A. With the consent of majority of partners
B. With the consent of all the partners
C. With the consent of the managing partner
D. Either (A) or (B) or (C)
Select an option to see the answer and solution.
The principles contained in section 29 of the Indian Partnership Act, 1932, can be applied to
A. Voluntary transfer of his interest in the firm by a partner
B. Involuntary transfer of his interest in the firm by a partner
C. Both (A) and (B)
D. Only (A) and not (B)
Select an option to see the answer and solution.
Section 15 of the Indian Partnership Act provides that
A. The property of the firm shall be held and used by the partners exclusively for the purposes of the business of the firm
B. The property of the firm can be used by the partners for any of his/their personal use
C. The property of the firm can be used by the partners for the personal use of all the partners
D. Both (A) and (C)
Select an option to see the answer and solution.
A suit of a partnership firm to enforce any type of rights of the partnership firm is not maintainable unless the partnership firm is registered under Section 69 of the Partnership Act before the filing of the suit.
A. An unregistered firm cannot sue for any rights, be they contractual or statutory, unless the partnership firm is first registered
B. Partnership firm can sue for enforcement of its statutory rights even if the partnership firm is not registered
C. A partnership firm can sue for enforcement of its rights provided in the same suit both statutory and contractual rights are claimed together and not only contractual rights
D. Even if a suit is filed for enforcement of a contractual right by an unregistered firm, but such a suit can continue if the partnership firm is got registered during pendency of the suit
Select an option to see the answer and solution.
In which of the following cases, a partnership does not exist?
1. Lender of money receiving profits.
2. Servants or agents receiving profits.
3. Widow or child of a deceased partner receiving profits.
4. Seller of goodwill receiving profit.
A. 1, 2 and 3
B. 1, 2 and 4
C. 2, 3 and 4
D. All of the above
Select an option to see the answer and solution.
'Benefits of partnership' within the meaning of section 30 of the Indian Partnership Act, 1932, means
A. Profit sharing
B. Assets-sharing in the event of dissolution of the firm
C. Both (A) and (B)
D. Only (A) and not (B)
Select an option to see the answer and solution.
Under section 9 of the Indian Partnership Act, 1932, in doing best for the common body
A. A partner is regarded as a kind of trustee for the other partners
B. A partner is liable to render the accounts to other partners in a fiduciary capacity
C. Both (A) and (b)
D. Neither (A) nor (B)
Select an option to see the answer and solution.
In which among the following cases it was held that the "assignment of share of partner inclusive of immovable property does not require registration under Registration Act"?
A. M. C. Sivagamui v. M. C. Kuppusamy, AIR 2010 Mad 1
B. Union of India v. M/S Sarvana Construction, AIR 2010 Mad 6
C. Thangaraja v. Ameer, AIR 2010 Mad 13
D. Dolly Roy v. Raja Roy, AIR 2010 Ori 1
Select an option to see the answer and solution.
Is it necessary that Managing Partner is registered
A. Yes
B. No
C. He is independent partner
D. None of the above
Select an option to see the answer and solution.
Which is not a feature of a partnership business?
A. Ease of formation
B. Limited liability
C. Limited life
D. Mutual agency
Select an option to see the answer and solution.
Compulsory dissolution of a firm has been provided under
A. Section 39 of the Act
B. Section 41 of the Act
C. Section 40 of the Act
D. Section 44 of the Act
Select an option to see the answer and solution.
According to section 49 of the Indian Partnership Act, 1932, out of the separate property of a partner
A. Payment of firm debt shall have priority over the payment of separate debt of the partner
B. Payment of firm debt shall be simultaneous to payment of separate debt of the partner without any priority
C. Payment of firm debt and the separate debts of the partner as per the agreement between the partners
D. Payment of separate debts of the partner in priority over the firm debts
Select an option to see the answer and solution.
Contractual restrictions on the partner's implied authority as provided in section 20 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 persons dealing with the firm only if they have knowledge of the restrictions
C. Not binding on the persons dealing with the firm at all
D. Either (B) or (C)
Select an option to see the answer and solution.