Estate of a partner who dies is:
A. Not liable for acts of partners done after his demise
B. Liable for acts of partners done after his demise
C. Liable for acts of partners after his demise, if live partners are unable to pay the debts
D. Liable for acts of partners after his demise, if the third person is not aware of the demise
Select an option to see the answer and solution.
A property belonging to a partners an entering into a partnership and used for the purposes of partnership
A. Becomes the property of the firm
B. Remains the property of that partner
C. Becomes the property of the partner having highest share of capital contribution
D. Becomes the property of the partners in their profit sharing ratio
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Is the statement of law correct: "Implied authority of a partner in a partnership firm exists to selling of all properties of the partnership firm for the purpose of carrying on the business of the partnership firm"?
A. Yes, since a partner is an agent of all other partners, his action to sell any property of the firm for the purposes of running of the business of a firm, is valid and results in transfer of ownership of the property which is transferred
B. No, a partner has no implied authority to transfer any immovable property of the firm under the implied authority doctrine principle as contained in Section 19 (2)(g) of the Indian Partnership Act
C. Yes, under implied authority principle a partner can transfer an immovable property if the disposal of the immovable property of the partnership firm is only by that partner who has put the sole effort to acquire the immovable property of the partnership firm which is transferred/disposed of
D. Though a partner has no implied authority to transfer an immovable property of the partnership firm for the purpose of doing of the business, but such implied authority is granted to a managing partner under Section 22 of the Partnership Act
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A new person can be introduced into a firm as a partner under Section 31 of the Act by
A. Unanimous consent of all the partners
B. Majority consent amongst the partners
C. With the consent of the managing partner
D. None of the above
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The contingencies stated in section 42 of the Indian Partnership Act, 1932, include
A. Where a partnership has been constituted for a fixed term or to carry out specific adventures, the expiry of that term or completion of specific adventure
B. The death of a partner
C. Adjudication of a partner as insolvent
D. All the above
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The right of rescind the contract of partnership is lost by
A. Laches
B. Affirmation
C. Disabling himself from restoring what he may himself have received
D. Either (A) or (B) or (C)
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The Limited Liability Partnership Act, 2008 (6 of 2009) is an Act to make provisions for the
A. Formulation and regulation of General Partnership Firms and Limited Liability formed under Indian Partnership Act, 1932
B. Formulation and regulation of Joint Ventures with unlimited liability formed under Indian Contract Act, 1872
C. Formulation and regulation of Chit Funds Organisations with unlimited liability formed under the Chit Funds Act, 1982
D. Formation and regulation of Limited Liability Partnership with limited liability formed under the Limited Liability Parternship Act, 2008
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A partnership firm is a legal entity "like a company". The statement is:
A. True
B. False
C. Partly true
D. None of the above
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Liability of the firm under section 27 of the Indian Partnership Act, 1932 arises where
A. The property is received by a partner acting within his apparent authority and he misapplies it
B. The property is received by a partner without his apparent authority and he misapplies it
C. The property is received by a partner whether within or without his apparent authority and he misapplies it
D. Neither (A) nor (B)
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Alteration in partnership deed are to be brought to notice of Registrar of Firms within a period of . . . . . . . . days
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Section provides for recording of entry regarding registration of firm?
A. Section 49
B. Section 50
C. Section 57
D. Section 59
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Section 40 of the Indian Partnership Act, 1932, provides for
A. Dissolution by court
B. Dissolution by notice
C. Dissolution by agreement
D. Compulsory dissolution
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Under section 22 of the Indian Partnership Act, 1932 in order to bind a firm, the act by the partner must be done
A. In his own name
B. In the name of the managing partner
C. In the name of the firm
D. Either (A) or (B) or (C)
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According to Section 30 of the Partnership Act, "at any time within 6 months of his attaining majority or of obtaining knowledge that he had been admitted to the benefits of partnership, whichever date is later, a minor can elect to become or not to become a partner."
A. Such option is exercised by giving a public notice
B. If he remains silent and fails to give such a notice there is a presumption that he wants to be a partner and on the expiry of the said 6 months he shall become a partner in the firm
C. If he did not exercise the option, he will be deemed to become a partner in firm
D. All are correct
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A partnership firm situated in Delhi institutes a suit for recovery of price of goods sold, supplied and delivered by the said firm to the defendant. The firm is not registered under the Partnership Act.
A. The suit is not maintainable and the plaint will be rejected
B. The suit will be admitted but summons of the suit will not be issued to the defendant till the firm is got registered
C. The suit is maintainable and will be admitted subject to the plaintiff firm paying costs as may be determined by the Court to the defendant
D. The suit will be admitted, summons thereof ordered to be issued and will be dismissed after trial only if the defendant in the written statement takes such an objection and an issue is framed thereon
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In a partnership at will
A. A partner of a firm can retire from the firm at any time by giving a notice of his intention to retire to his co-partners
B. A partner of a firm can dissolve the firm at any time by giving a notice of his intention to dissolve the firm to his co-partners
C. Either (A) or (B)
D. Neither (A) nor (B)
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An incoming partner, who has been validly admitted in the firm, is
A. Both (Not liable for the acts of the firm done before he became a partner) and (Liable for the acts of the firm done after his admission)
B. Not liable for the acts of the firm done before he became a partner
C. Liable for the acts of the firm done before he became a partner
D. Liable for the acts of the firm done after his admission
Select an option to see the answer and solution.
The relation of partnership arises from contract and not from status, has been prescribed under
A. Section 4
B. Section 5
C. Section 6
D. Section 7
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No partnership agreement, what will be the percentage of profit sharing ratio between them?
A. Unequal
B. Equal
C. It will depend on the experience of a partner
D. It will depend on a partner's capital
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Any act or omission, to be an act of a firm, within the meaning of section 2(a) of the Indian Partnership Act, 1932 must be act or omission of
A. All the partners
B. Any of the partner
C. Agent of the firm
D. Either (A) or (B) or (C)
Select an option to see the answer and solution.
