Which of the following cannot be claimed by a partner as a matter of right?
A. Right to take part in business
B. Right to have access to account books
C. Right to share profits
D. Right to receive remuneration
Select an option to see the answer and solution.
In absence of a contract between the partners, after a firm being dissolved every partner or his representative has a right
A. To restrain any other partner or representatives from carrying on similar business in the firm name
B. Has no right to restrain any other partner or representatives from carrying on similar business in the firm name
C. Only (B) is correct
D. None of above
Select an option to see the answer and solution.
The period of limitation for a suit by a legal representative of the deceased partner for a share in the assets of the partnership is
A. Three years from the end of the financial year in which the death of the partner has taken place
B. Three years from the end of the calendar year in which the death of the partner has taken place
C. Three years from the death of the deceased partner
D. Either (A) or (B) or (C)
Select an option to see the answer and solution.
The court can order for dissolution of firm under section 44(d) of the Act, where a partner is guilty of
A. Wilful & persistent branch of agreement for management of affairs or conduct of business, of the firm
B. Conducting in such a manner making it not reasonable practical for other partners to carryon business in partnership with him
C. Either (A) or (B)
D. Both (A) and (B)
Select an option to see the answer and solution.
A person is liable as a partner of a partnership firm only if he is a partner by an express written contract.
A. No, a person is liable as a partner by an implied contract provided thereafter the implied contract is got registered before the Sub Registrar
B. No, a person is liable as a partner even by holding himself out as a partner of the partnership firm but only to that person who has on the faith of such holding out has given credit to the partnership firm
C. A person who holds himself out as a partner will be liable as a partner of the firm only when the third person who deals with the partnership firm has informed the person holding out that he is acting with the firm on the basis of such holding out
D. A person holding out is liable to a third person only if the third person has given a public notice
Select an option to see the answer and solution.
Is a partner entitled to receive remuneration for the conduct of the business of the firm?
A. Yes if there is such a contract between all the partners
B. No not under any circumstance
C. Yes if he alone is conducting the business of the firm
D. Yes if he is working more than others
Select an option to see the answer and solution.
Which of the following is not true of an Indian partnership?
A. It is result of an agreement
B. It is for carrying on a business
C. The partners agree to share profits
D. The business must be carried on and managed by all
Select an option to see the answer and solution.
A minor, who has been admitted to the benefits of the partnership, under Section 30(5) of the Indian Partnership Act on attaining majority has to exercise an option, to stay or to leave the firm, within
A. One month of attaining majority
B. Six months of attaining majority
C. 90 days of attaining majority
D. None of the above
Select an option to see the answer and solution.
Which of the following enactments insist for a written agreement of partnership
A. The Indian Partnership Act, 1932
B. The Indian Contract Act, 1872
C. The Indian Registration Act, 1908
D. Neither (A) nor (B) nor (C)
Select an option to see the answer and solution.
Assess the truth or falsity of the following statements by picking the right option under the Indian Partnership Act, 1932.Statement I: Consent of all existing partners is generally required for introduction of a new partner into a firm.Statement II: A partner may retire with the consent of all other partners in the firm.
A. Only Statement 1 is true
B. Only Statement 2 is true
C. Only 1 and 2 are true
D. Both 1 and 2 are false
Select an option to see the answer and solution.
Which of the following is not an essential element of partnership?
A. Contract between two or more persons
B. Contract must be to carry on some business
C. Contract must be to share profits of business
D. Business must actively be carried on by all the partners
Select an option to see the answer and solution.
Section 15 of the Indian Partnership Act is a statement of a
A. Right of the partners
B. Duty of the partners
C. Privilege of the partners
D. Liability of the partners
Select an option to see the answer and solution.
Where a partner becomes insolvent he ceases to be the partner in the firm
A. On the date on which order of adjudication in this regard is passed by a court of law
B. On the date which is agreed by him with other partners for declaring him insolvent
C. Either (A) or (B)
D. Both (A) and (B)
Select an option to see the answer and solution.
Partnership firm is created:
A. When the partners enter into an agreement to create a partnership firm for conduct of a business
B. When the business of the partnership firm is commenced
C. Both the conditions are necessary
D. Neither of the conditions is correct
Select an option to see the answer and solution.
The rule of facit relocation is contained in
A. Section 17 of the Indian Partnership Act
B. Section 15 of the Indian Partnership Act
C. Section 13 of the Indian Partnership Act
D. Section 11 of the Indian Partnership Act
Select an option to see the answer and solution.
Section 55(2) of the Indian Partnership Act, 1932 provides for
A. The right of the partners to sell the goodwill of the firm
B. Rights of the buyer and seller of the goodwill
C. Agreement in restrain of trade upon sale of goodwill
D. All the above
Select an option to see the answer and solution.
The changes/dissolution/election of the minor on attaining majority, of a firm, has to be notified to the Registrar within
A. Immediately on the occurrence
B. 60 days of the occurrence
C. 90 days of the occurrence
D. No time limit prescribed
Select an option to see the answer and solution.
Where a firm is named after the name of a partner, whether the partner intended to act for himself or for the firm, is
A. A question of fact
B. A question of law
C. A mixed question of fact and law
D. Either (B) or (C)
Select an option to see the answer and solution.
In Commissioner of Income Tax v. Jaya Lakshmi Rice & Oil Mills, AIR 1971 SC 1015, it has been held
A. Where a suit has been filed without registration, such suit can be rectified by subsequent registration
B. Where a suit has been filed without registration, such suit cannot be rectified by subsequent registration
C. Where a suit has been filed without registration, such suit can be rectified by subsequent registration with the leave of the court
D. Where a suit has been filed without registration, such suit cannot be rectified by subsequent registration with the leave of the court
Select an option to see the answer and solution.
The position of the partners, with respect to their liability for the acts of the firm, under section 25 of the Indian Partnership Act, 1932 is equated with
A. Joint tort-feasor
B. Joint promisors
C. Independent tort-feasors
D. All the above
Select an option to see the answer and solution.
