What Is Partnership at Will Mcq

24. Z and W are partners in a paper mill. Z orders on the company`s letterhead to deliver two bags of wheat to his residence. What will be the company`s responsibility under the Indian Partnership Act, 1932? (a) The Company is not required to pay the debt, (b) The Company is required to pay the debt, (c) The Company is only liable for half of the debt (d) None of the above 37. What is wrong with respect to a partner`s implied power of attorney (a) he can sue or compromise on behalf of the Company (b) he can transfer real estate to the Company (c) he can enter into a partnership on behalf of the Company (d) all of the above 1. If a partnership has a fixed time limit and after that period, the partnership continues to operate without an agreement The maximum number of persons legally allowed to work in a partnership is: Limited partnerships were introduced by what act of parliament? 3. The dissolution of a company may be claimed under paragraph 44(e) of the Indian corporation if a partner has transferred his or her name in the partnership to a partner who is entitled to a share of the profits of a partnership, is known as: 25. A partner does not have the implied power to (a) enter into a partnership with other persons of another company, (b) borrow money in the case of a commercial company (c) either (a) or (b) (d) neither (a) nor (b) Q.33: How goodwill is treated when settling the accounts of a company after dissolution: Q.37: – If the company deed is silent, which of the following statements is NOT correct: F.15: If there is a change in the articles of association of the company, what would be the statue of the continuous guarantee granted to the company 8. What is not a feature of a partnership business? 33. A minor who has been admitted to the benefits of the partnership under subsection 30(5) of the Indian Partnership Act at the end of the partnership shall not exercise the opportunity to: remain or leave the business that is not of good will is true in the case of a partnership. 19. Which of the following is a valid partnership? a) Partnership between two partnerships (b) Partnership between a partnership and an individual (c) Partnership between the individual members of a partnership and the individual members of another partnership (d) Neither (a) nor (b) nor (c).

7. In which of the following cases is there no partnership? I. Money lender receiving a profit II. Agent or enforcement agent III. Widow or child of a deceased person receiving benefits. IV. Seller of goodwill receiving profits (a) I, II and III b) I, II and IV (c) II, III and IV d) All 10 above. What types of partnerships do not have an agreement regarding the duration of the partnership? 7.

No partnership agreement, what will be the percentage of profit sharing between them? 4. Is a partnership audited as a natural person a legal person? If two or more people agree to start a business and share its profits and losses, they are said to be in partnership. The Indian Partnership Act of 1932 states that partnership is “the association between a person who has agreed to share the profits of a company run by each partner. 29. The goodwill of the partnership`s business is the property of the partnership under (a) section 14 (b) of section 16 (c) of section 15 (d) of section 17 (b) Q.18: if a partner has paid a premium for the conclusion of a fixed-term partnership and the firm is dissolved by any means other than the death of a partner before the expiry of that term; if reimbursement of the premium is allowed: 26. An agreement restricting the trade of a partnership under section 11 of the Indian Partnership Act is (a) valid b) null (c) null and void d) illegal 5. Which of the following criteria is a strong but insufficient criterion for the partnership (a) profit sharing (b) loss sharing (c) neither of the two (d) none of the 17 above. Which of the following is not an essential prerequisite for the establishment of a partnership under section 4 of the Partnership Act? a) An agreement to carry out an activity (b) profit sharing (c) loss sharing (d) the activity to be borne by all or part of them acting for all Q.34: How to settle debts if joint debts are owed by the company, and also separate debts owed by a partner: 9. A partner may, by notifying the intention, to retire when (a) the partnership is at will (b) the partnership exists for a certain period of time (c) if a contract has been concluded between the partners for determination (d) none of the above 10. In an all-you-can-eat partnership (a) a partner of a partnership may leave the partnership at any time by notifying his or her co-shareholder of his or her intention to retire (b) a partner of a partnership may dissolve the corporation at any time by notifying his or her joint shareholders of a notice of intent to dissolve the corporation (c) either (a) or (b) (d) neither (a) nor (b) Q.31: A counterpart is essential for each contract. The partnership is also a legally enforceable agreement, so it is also a contract to sue the business profitably. If consideration, which is essential for the design of a contract, is essential for the formation of the partnership People who have entered into a partnership between them are independently called “partners” and globally “firm”.

The name under which the transaction is carried out is called the “company name”. A partnership does not have an independent legal entity, with the exception of its members. 46. Of the following, what is not the correct statement regarding “partner retirement”? (a) A Partner may retire with the consent of all other Partners (b) A Partner may retire under an express agreement between the Partners (c) A Partner may retire with the consent of another Partner (d) If the Partnership is arbitrary, a Partner may retire by notifying all other Partners in writing of its intention, to retire at age 27. The historical case that determines the test for establishing the existence of a partnership is (a) Grave v. Smith (b)Bloream v. Pell (c) Mingh v. Carver v. Hickman Q.16: If an Affiliate intentionally or persistently violates agreements regarding the management of the Company`s affairs or the conduct of its business, or otherwise behaves in matters related to the Company, it is not reasonably possible for the other Partners to continue the business in partnership with it. The other partner(s) may: 21. The goodwill of a partnership is owned by the partnership, a) In accordance with Article 14(b) Section 13(c) Section 12(d) Section 11 22.

If a partner decides to use the assets of the partnership for his own purposes, this will result in (a) the civil liability of the partner (b) the criminal liability of the partner (c) both (a) and (b) (d) either (a) or (b) Q.3: If no contractual arrangement is concluded between the partners for the duration of their partnership, or for the purpose of determining their partnership, the partnership is called as follows: F.4:- What information must be provided to the registrar of companies of a registered partnership: 4. A partnership that is not intended for a fixed term is (a) partnership at will (b) indissoluble company (c) (a) or (b) (d) none of the 41 above. If a minor chooses to become a partner, he/she will be personally liable to third parties for all shares of the Company that have been recognized as benefits of the Company since (a) he or she was recognized. (b) from the date of his majority. (c) from the date on which he becomes a partner. (d) (b) and (e) (6) In which of the following cases a partnership exists: (a) Several persons jointly acquire property for resale in order to share the profits of the transaction. b) persons (co-owners) who participate in the purchase of property in order to share the property themselves. (c) A.B and C agreed that each should provide goods worth Rs 3000 to be shipped as part of a joint venture, with the profit to be divided between them according to the amount of their various shipments;(d) Two roommates in a house and divide the rent equally to 38.

By tacit authority, each partner becomes by his actions in all matters that fall within the framework and objection of the company. Which of the following partners is not a tacitly authorized partner in a general commercial partnership? (a) that each partner may pledge or sell the ownership liability of the partnership (b) that each partner may grant an A in a lawsuit against the firm (c) that each partner may lend a partnership cash account (d) that each partner may hire staff members for the partnership enterprise 14. The relationship of the company under section 5 of the Indian Partnership Act, 1932 results from (a) status b) contract (c) friendship d) None of these Q.29: – M/s XYZ is a partnership company and X, Y and Z are the partners. .