General Nature of Partnership – Test 6

A Partnership deed provides that the minor were to share the profits and losses, such a documents is

Section ______ of the Partnership Act, defines the term “Firm Name”, Partner and “Firm” .

Which of the following constitutes partnership ?

Section _____ of the Partnership Act, 1932 defines the term “partnership”.

Persons who have entered into partnership with one another are individually called .

Which of these gives the correct definition of partnership ?

According to which section gives below partnership is defined as “A relation between person who have agreed to share the profits of a business carried on by all or any of them acting for all”

Partner by holding out is

A partnership at will is one

Which of the following statements are correct

1. Partnership arises from a contract and not from status
2. A partner is not an agent of other partners
3. A money lender getting a share in the profits of the firm for the sum lent is not a partner in the firm
4. Sharing of profits of a business is conclusive evidence of partnership

Active partner is one who

Some individuals from an association to which each partner contributes Rs.5,000 annually. The purpose is to produce cloth for distributing free to war-widows. The association is

Who among the following can be a partner in partnership firm

An agreement between partners may be

X and Y co-owners of some inherited firm, agree to continue the business for profits. They are now

The sharing of profits or of gross return arising from property, by persons holding a joint or common interest in that property, automatically makes those persons, Partners.

The Partnership Act, 1932 deals in

In relation to a firm or Partnership, “Third Party” means

The term “Act of a Firm”, means an act or omission by _____ , which gives rise to a right enforceable by or against the Firm .

Sharing of profits is ___ evidence of existence of partnership .

To form a Partnership, the parties should share

Persons who have entered into Partnership with one another are collectively called

The sharing of profits or of gross returns arising from property, by persons holding a joint or common interest in that property, automatically makes those persons, Partners .

Which of these sharing arrangements reflects a partnership ?

The name under which the Partnership business is carried on, is called

Which of these statements does not reflect the mutual agency principle in partnership ?

The ratio in which partners share profits and losses are

Partnership agreements may be expressed

X and Y are the joint-owners of a house. They rent it out to Z and divide the net rent equally. They are

Each partner of a firm is ______