General Nature of a Partnership 0 Created on September 11, 2023 By admin General Nature of a Partnership Quiz 1 1 / 15 The Partnership Act, 1932 ________. Specifies the minimum number of partners in a firm Specifies the maximum number of partners in a firm Both (a) and (b) None of the above 2 / 15 A club is the form of: Association not for profit Partnership Sole proprietorship Public company. 3 / 15 A Joint Hindu Family is created: By a contract By operation of law or status By registration By all the above mode 4 / 15 What among the following is not an essential element of partnership: There must be an agreement entered into by all the persons concerned The agreement must be to share the profits of a business The business must start within six months from the date of agreement The business must be carried on by all or any one of them acting for all. 5 / 15 The principle of ________ is applicable to partners in a partnership: Uberrimae fidei/Utmost Good Faith Ultimate Trust Insurable Interest Blind Faith 6 / 15 A partnership formed for the purpose of carrying on particular venture or undertaking is known as: Limited partnership Special partnership Joint Venture Particular partnership 7 / 15 A partnership firm ________. Is a legal person Is not a legal person Has a distinct legal personality None of the above 8 / 15 The test of partnership is laid down in the following case: Cox v. Hickman Garner v. Murray Mohiribibi v. Dharmodas Ghosh None of the above 9 / 15 The ceiling on maximum number of partners in a firm is laid down in: The Partnership Act, 1932 The Indian Contract Act, 1872 The Companies Act, 1956 Central Government notification 10 / 15 Property of firm does not include: All property which the partners have originally brought into the common stock of the business Goodwill of the business Personal properties belonging to the partner Property acquired by the funds of the firm 11 / 15 To form a partnership, the minimum capital contribution should be: ₹ 1 lakh ₹ 10 lakh ₹ 1 crore There is no minimum limit. 12 / 15 The essential elements of partnership does not include: Partnership should be registered There must bean agreement to share profits of a business. There must be mutual agency among partners. There must be an association of two or more persons. 13 / 15 A partnership for which no period or duration is fixed under the Indian Partnership Act is known as : Unlimited partnership Co-ownership Particular partnership Partnership at will 14 / 15 Limited Liability partnership is a form of partnership that: Is not possible Is allowed in certain circumstances in the Partnership Act, 1932 Is now abolished Can be set up by LLP Act, 2008 15 / 15 Which of the parties may be admitted to the benefits of partnership? Person of unsound mind Minor Alien enemies An insolvent. Your score isThe average score is 0% LinkedIn Facebook Twitter VKontakte 0% Restart quiz 0 Created on September 11, 2023 By admin General Nature of a Partnership Quiz 2 1 / 14 Sharing of profits is the conclusive evidence of the existence of the partnership between the parties. True False 2 / 14 The maximum number of partners in a partnership firm is specified in Companies Act, 2013. True False 3 / 14 A partnership firm cannot be registered for carrying on any charitable activity. True False 4 / 14 Maximum number in a partnership firm is 50 members. True False 5 / 14 Goodwill is to be considered as a partnership property. True False 6 / 14 Forming a partnership for construction of a bridge is a type of particular partnership. True False 7 / 14 If a partnership can be dissolved by the mutual agreement only, then it will be called as a partnership at will. True False 8 / 14 A and B agree to buy 100 tins of ghee agreeing to share it between them. They are not partners. True False 9 / 14 A minor can be a partner in a partnership firm. True False 10 / 14 Partnership firm has a separate legal entity. True False 11 / 14 Law of partnership is an extension of the general law of guarantee. True False 12 / 14 A sub-partner has a right to participate in the conduct of the business. True False 13 / 14 True test of partnership was first laid down in the case of Cox v. Hickman. True False 14 / 14 Prior to the enactment of Indian Partnership Act, 1932 the law relating to partnership was contained in the Indian Contract Act, 1872. True False Your score isThe average score is 0% LinkedIn Facebook Twitter VKontakte 0% Restart quiz
