Dissolution on the happening of contingencies as mentioned in section 42 of the Indian Partnership Act, 1932, is prevented by
A. An express agreement to the contrary between the partners
B. An implied agreement to the contrary between the partners
C. Either (A) or (B)
D. Only (A) and not (B)
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If suit filed by a firm which is not registered firm on date of filing of suit and also partners not shown in register of firms, suit will be
A. Dismissed
B. Not dismissed
C. Dismissed within limitation period given for registration
D. None of the above
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According to Section 44 of the Indian Partnership Act, 1932, the Court may dissolve a firm on the suit of a partner on any of the following grounds:
A. Insanity
B. Permanent incapacity
C. Breach of agreement
D. All of the above
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Where there is no assignment of right, title or interest in the earlier firm to the reconstituted firm, the original firm
A. Can sue in the name of the firm for recovery of its claims accrued before its reconstitution
B. Can be sued in the name of the firm in respect of its liabilities which accrued prior to change in its constitution
C. Either (A) or (B)
D. Neither (A) nor (B)
Select an option to see the answer and solution.
Which one of the following is not correctly matched:
A. Definition of Partnership ⇔ Section 4
B. Partnership at Will ⇔ Section 7
C. Expulsion of Partner ⇔ Section 33
D. Authority of Partner in Emergency ⇔ Section 23
Select an option to see the answer and solution.
Section 7 of the Indian Partnership Act provides for
A. Partnership in a particular adventure or undertaking
B. General partnership
C. Partnership at will
D. All the above
Select an option to see the answer and solution.
General duties of partners have been laid down in
A. Section 9 of the Act
B. Section 10 of the Act
C. Section 11 of the Act
D. Section 13 of the Act
Select an option to see the answer and solution.
The firm is liable to be compulsorily dissolved under section 41(b) of the Indian Partnership Act, 1932
A. Where the business of the firm is illegal from the very beginning
B. Where the business of the firm is lawful in the beginning but sub-sequently the business becomes unlawful
C. Both (A) and (B)
D. Either (A) or (B)
Select an option to see the answer and solution.
The liability of a minor admitted to the benefits of the partnership, for the acts of the firm, is
A. Personal
B. His share in the firm
C. Personal and his share in the firm
D. His share in the firm only and not personal
Select an option to see the answer and solution.
The liability of the partners for the acts of the firm, under section 25 of the Indian Partnership Act, 1932 is
A. Joint
B. Several
C. Joint or several
D. Joint and several
Select an option to see the answer and solution.
In the absence any contract between the partners, a partner making advance or payment beyond the amount of capital introduced by him, is entitled to interest thereon at the rate of
A. 12% per annum
B. 6% per annum
C. 118% per annum
D. No interest at all
Select an option to see the answer and solution.
Dissolution of a firm occurs when:
A. Dissolution of partnership between all the partnerships
B. Dissolution of 1 /2 of partnership
C. Dissolution of 2 /3 of partnership
D. At least one leaves the firm
Select an option to see the answer and solution.
The maxim 'socii mei socius meu socius non est' means
A. My partner's partner is not necessarily my partner
B. My partner's partner is necessarily my partner
C. The partnership has become illegal
D. The partnerships stands dissolved by the 'act of God'
Select an option to see the answer and solution.
A partner doing an act on behalf of the firm which he is not authorized to do, it open to the other partners to
A. Ratify or disclaim whole transaction
B. Ratify a part of the transaction and repudiate the remainder
C. Either (A) or (B)
D. Neither (A) nor (B)
Select an option to see the answer and solution.
Where a partner is authorised to recover dues of the partnership and spend the same for the business of the partnership, and if he does not deposit the money so collected in the bank, the partner is
A. Guilty of criminal breach of trust
B. Accountable civilly to the other partners
C. Both (A) and (B)
D. Either (A) or (B)
Select an option to see the answer and solution.
If arbitration proceedings commence to adjudicate disputes then question for dissolution of partnership should be settled by arbitrators. The statement
A. Is correct
B. Depends upon proceedings
C. Depends upon parties
D. Is incorrect
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Which of the following is not a suit for the realisation of assets of an unregistered dissolved firm
A. A suit by a partner of an unregistered dissolved firm to recover damages for breach of a contract
B. A suit by a partner of an unregistered dissolved firm for recovery of money after a suit during the continuance of partnership was dismissed
C. A suit by former partners of an unregistered dissolved firm for compensation for nondelivery of consignment
D. Neither (A) nor (B) nor (C)
Select an option to see the answer and solution.
Under section 25 of the Indian Partnership Act, 1932, the liability of the partners is joint and several for the acts of the firm
A. Which are in the nature of wrongs/tort
B. Which are in breach of a contract
C. Irrespective of whether the acts of the firm are in the nature of wrongs or in breach of a contract
D. Only (B) and not (A)
Select an option to see the answer and solution.
Rights of partners to have the business wound up after dissolution has been provided under
A. Section 46 of the Act
B. Section 45 of the Act
C. Section 48 of the Act
D. Section 47 of the Act
Select an option to see the answer and solution.
In case of dissolution by notice under section 43 of the Act, the dissolution of the firm takes effect from the date
A. On which the notice is sent
B. On which the notice is received
C. Mentioned in the notice as the date of dissolution
D. As decided by the partners
Select an option to see the answer and solution.