Under section 19(1) of the Partnership Act, 1932, the acts of a partner which are done to carry on, in usual way, business of the kind carried on by the firm
A. Binds the firm
B. Binds the managing partner
C. Binds the sleeping partner
D. None of above
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According to Section 11 of the Act, the mutual rights and duties of partners may be determined by
A. Contract between the Partners subject to the provisions of the Act
B. An express contract between the Partners
C. The provisions of the act
D. None of the above
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If a suit is filed for recovery and transaction is made subsequent to retirement of partners from firm but plaintiff is not aware of that fact then the partners
A. Cease to be as partners
B. Continue as partners and liable for transaction
C. Are known to be as sleeping partners
D. Are called as retired partners
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The principles contained in section 37 of the Indian Partnership Act, 1932, apply where a partner ceases to be a partner by
A. Voluntary retirement from the firm
B. Death
C. Expulsion
D. Either (A) or (B) or (C)
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A suit for dissolution of a firm on the ground of permanent incapability of a partner, under section 44(b) of the Act can be filed by
A. Any partner including the partner who has become permanently incapable
B. Any partner, other than the partner who has become permanently incapable
C. The partner who has become permanently incapable only
D. Only (A) and not (B) or (C)
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Section 39 of the Indian Partnership Act, 1932, defines dissolution of a firm as
A. Dissolution between some of the partners of a firm
B. Dissolution between majority of the partners of a firm
C. Dissolution between all the partners of the firm
D. Either (A) or (B) or (C)
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Section 32 of the Indian Partnership Act, 1932, deals with
A. Liability of new partner
B. Rights of new partner
C. Retirement of a partner
D. Insolvency of a partner
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Section 12(c) of the Indian Partnership Act provides for a
A. Rule of majority
B. Rule of unanimity
C. Both (A) and (B)
D. Only (A) and not (B)
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So long as a minor remains admitted to the benefits of the firm under section 30(4)of the Act, the minor is
A. Competent to sue the firm for account and payment of his share of profits of the firm
B. Competent to sue the firm for account and payment of his share of property of the firm
C. Competent to sue the firm for account and payment of his share of both profits and property of the firm
D. Incompetent to sue the firm for account or payment of his share either of profits or property of the firm
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A partner can retire from a partnership by
A. Consent of all the partners
B. Where there is an agreement about retirement, in accordance with the terms of that agreement whether the other partners are willing or not
C. Giving a notice of his intention to retire
D. Either (A) or (B) or (C)
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Can a minor be a partner of a firm
A. No
B. No but can be admitted to the benefits partnership
C. Yes
D. Yes but with the consent of all the partners
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Admission made by a partner, in connection with the affairs of the firm and in the ordinary course of business of the firm, by virtue of section 23 of the Indian Partnership Act, 1932, are
A. Relevant and create estoppel
B. Relevant and conclusive
C. Relevant, create estoppel and are conclusive
D. Neither (A) nor (C)
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The right to rescind the contract of partnership
A. Is an absolute one and cannot be lost
B. Is lost if the contract is not repudiated within a reasonable time of discovery of fraud
C. Is lost if the contract is not repudiated within one year of discovery of fraud
D. Is lost if the contract is not repudiated within 3 years of discovery of fraud
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Section 49 of the Indian Partnership Act, 1932 provides for
A. Payment of separate debts of the partners in priority to payment of firm debts out of the partnership assets
B. Payment of firm debts in priority to payment of separate debts of the partners out of the partnership assets
C. Payment of firm debts and the separate debts of the partners simultaneously, out of the partnership assets
D. Payment of firm debts and the separate debts of the partners out of the partnership assets as per the directions of the court
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In the absence of any agreement, the interest to partners on the amount of loan advanced to the firm, is allowed at
A. 8% per annum
B. 6% per annum
C. 4% per annum
D. Market rate
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Where the notice of dissolution of the firm does not mention any date as the date of dissolution, the firm shall be dissolved on the date
A. On which the notice is sent
B. On which the notice is communicated
C. Which is decided by the partners
D. Fixed by the court
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Distinction between retirement and dissolution was explained by Supreme Court is explained in
A. CIT v. A. W. Figgis and Co.
B. Muralidhar v. CIT
C. CIT v. Shah Mohan Das Sadhuram
D. None of the above
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The scope of implied authority of a partner under section 19 of the Indian Partnership Act is linked with
A. The kind or nature of the business
B. The usual manner of carrying on the business
C. Both (A) and (B)
D. Only (B) and not (A)
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Section 30 of the Indian Partnership Act, 1932, applies
A. Where a partnership is constituted of two persons and one of them dies, and the other admits a minor to the benefits of the business
B. Where a minor is admitted to the benefits of subsisting partnership
C. Where a minor is admitted to the benefits of a future partnership
D. All the above
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A partnership firm is . . . . . . . by acts of a partner who has been adjudicated insolvent
A. Not bound
B. Bound
C. Independent
D. Dependent
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