General Nature of Partnership – Test 8

A minor admitted to the benefits of the Partnership, cannot file a suit for his share of profits or property of the Firm, except when the

For admitting a minor into the benefits of the Partnership, which of the following is required ?

Section ___ of the Partnership Act, 1932 deals with “Minor admitted to the benefits of Partnership” .

Within _____ period on his attaining majority or obtaining knowledge that he has been admitted to the benefits of the Partnership, whichever is later, a minor may given public notice of his decision to continue or withdraw from the Firm.

Which of the following statement is false; when the minor elects not to become a Partner ?

X and Y agree to work together as carpenters but X shall receive all profit and shall pay wages to Y. The relation between X and Y is _______

A minor who has been admitted to the benefits of partnership has no right so long he enjoys the benefits of partnership as minor to

Which of the following is not an essential element of partnership ?

A person who conducts business of the partnership firm for himself but is not liable for

Who are the persons, who are not called partners, though they get share out of the profits of the firm

A partnership set up to carry some illegal business will be

A partner by holding out

A minor admitted to the benefits of the partnership may

A minor admitted to the benefits of partnership cannot

Which of the following is not an essential feature of partnership ?

Can a company become a partner in the partnership firm ?

The position of a minor in a partnership firm is to be determined taking into account

1. The Indian contract Act, 1872
2. The Indian Partnership Act, 1932
3. Minor’s Agreement
4. The Majority Act, 1875

A partnership for which no duration is fixed is known as

A partnership firm for completing a particular venture is called

Which of the following is not an essential characteristic of partnership

The receipt by a person of a share in the profits of a business or of a payment contingent upon the earning of profits or varying with the profits earned by the business, automatically makes such person, a Partners with the persons carrying on such business.

X, Y and Z took over the running proprietary concern of Mr.Amit and continued in partnership. Under the business takeover agreement, Mr. Amit was to be paid 10% share of the profits, for a period of 5 years from the date of takeover, Here

Where no provision is made by contract between the partners for the duration of their partnership, this sort of partnership is called

A Partnership at will may be dissolved

A particular partnership may become Partnership at will

Every partner has the right to

X was a partner of ABC & Co., Partnership Firm. X died and the continuing partners agreed to pay Mrs. X an amount of 10% on the profits of the Firm, after X’s death, as annuity. Here

X is employed by ABC & Co., a Partnership Firm. X is entitled to remuneration of Rs.50,000 p.m. plus 12% on the profits of the firm, if profits exceed Rs.12 Lakhs. Here

A partnership at will is dissolved from ________

Who has defined Partnership, “as the relations between the persons who have agreed to share the profits of a business carried on by all or any one of them acting for all”