1) As per section 4 of the indian partnership act, Partnership is the Relationship between persons

  • Agreed to share the profits of a business
  • Carried on by all or any of them acting for all
  • Persons who entered into partnership are individually called Partners and jointly A Firm.
  • All of the above

2)  The most important element in partnership is :

  • Business
  • Sharing of profits
  • Agreement
  • Business is carried on by all or any of them acting for all

3) Partnership arises from contract not from status.

  • True
  • False

4) As per sec.4 of the partnership act, Persons does not include:

  • Firm
  • Company
  • Individuals
  • All of the above

5) As per sec.2(b) of the partnership act., The term "Business" excludes every  :

  • Trade
  • Occupation
  • Profession
  • Illegal business

6) Sharing of profits between partners in an agreed ratio is an essential element of partnership but sharing of loss is not compulsory.

  • True
  • False

7) A partner is both an agent (he can binds other partners by his act) and Principal (he can be bound by the act of the other partners).

  • True
  • False

8) Which of the following statements are incorrect ?

  • The partnership agreement must be expressed.
  • Partnership may be for a fixed period or for a particular adventure or at will.
  • A minor can be admitted into partnership only for the benefit of the firm with the consent of all partners.
  • Consideration is required to create a partnership.

9) Persons who are not competent to enter into a contract of partnership

  • Alien enemy
  • Person of unsound mind
  • A group of individuals
  • All of the above

10) which of the following statement is incorrect ?

  • Partnership deed must be duly stamped.
  • Partnership agrrement may be expressed or implied.
  • Written agreement of partners is called partnership deed.
  • Registration of partnership deed is essential.

11) A Firm or Firm name is the name of :

  • The partners
  • The minors in the firm
  • The business under which the firm carries on business
  • The collective name under which it carries of business

12) A partnership at will is one :

  • Which does not have any deed
  • Which does not have any partner
  • Which does not provide for how long the business will continue
  • Which cannot be dissolved.

13) A Nominal partner is not liable to the outsiders for all the debts of the firm as he lends his name only to the firm.

  • True
  • False

14) Which of the following statement is incorrect for A partner in profits only?

  • A partner in profits only get a share of the Profits only.
  • He is not liable to contribute towards the losses.
  • He is not liable for all the debts of the firm.
  • He has to bear the losses if the firm incur any losses and the other partners have measure private resources.

15) Under which fo the following ground, a partner may apply to the court for dissolution of the firm ?
  • Insanity of a partner
  • Misconduct of a partner
  • transfer of interest by a partner
  • All of the above

16) Dissolution of partnership involves only a change in the relation of the partners but does involve :

  • Retirement of a partner
  • Death of a partner
  • Insolvency or insanity of a partner
  • Complete breakdown of relationship between all the partners

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