Registration and Dissolution of a Firm – Test 3

In order to get a partnership firm registered, partners have to apply to

Current Accounts of partners in a firm are maintained only when the capital of partners is

P, Q and R are partners sharing profits in 5 : 3 : 1 . Their capitals were 30,000, 20,000 and 10,000 respectively. R becomes insolvent. The deficiency of capital on insolvency of R would be borne by P & Q in

Unregistered firm cannot file a suit against a ____ to enforce any right arising from a contract .

In the absence of any contract to the contrary, insolvency of a partner results in :

On which of the following grounds of partner need not apply to the Court for dissolution of the firm ?

Non Registration of a firm will effect the following Right :

A partner can retire on :

A partner may be expelled from the firm on fulfillment of the condition that power of expulsion in exercised :

Public notice is not required when there is :

Unregistered firm cannot file a suit against _____ to enforce any right arising from a contract .

Which of the following statements, about the registration of firm, is not true ?

Just and equitable ground for court ordering distribution of firm includes _____ .

Where an agreement consists of two parts, one legal and other illegal, and the legal part is separable from the illegal one. Such legal part is _____ .

In a firm where a partner transfers the whole of his interest or share to a third party, the firm

In a firm, where a partner is guilty of misconduct which adversely affect the partnership business, the firm

Which of the following firm can be dissolved by a written notice of dissolution given by any partner ?

The petition for dissolution of the firm on the ground of insanity of a partner, can be filed in the court by

Transfer by a partner whole of his interest to a third party, is :

On which of the following grounds, a partner may apply to the court for dissolution of the firm ?

The grounds, on which a petition for dissolution of a firm can be filed in a court, are provided in _______ .

The dissolution of a firm means

In a firm of two partners, the partnership agreement provides that the firm shall not be dissolved on the death of any partner, and one of them dies. In this case the firm is

Unless there is a contrary contract, a firm is automatically dissolved on the

When all the partners except one become insolvent, the firm is

Where one of the several businesses, carried on by the firm, becomes unlawful, the firm :

Where there is only a change in the relations of partners and not the extinction of partnership relationship, it is known as

Section 41 of the Indian Partnership Act, 1932 provides for the ‘compulsory dissolution of a firm’ and it takes place without the intervention of the court.

A partnership firm is compulsorily dissolved where

In case of ______ the firm is compulsorily dissolved .

According to Indian Partnership Act, the dissolution of firm means dissolution of partnership between

In case of dissolution of partnership firm

Dissolution of partnership means

On dissolution the partners remain liable to till

The expressions ‘dissolution of firm’ and ‘dissolution of partnership’ have the same meaning and are used interchangeably.

A partnership may be dissolved

Dissolution by agreement among partners is dealth with under Section of the partnership Act

After dissolution of the firm, the Partners have the authority to bind the firm, in so far as may be necessary, to wind up the affairs of the firm.

Dissolution by agreement u/s 40, can be

Right to restrain from the use of firm name or firm property upon dissolution of firms is covered under section

For partnership at will, notice of intention to dissolve the firm

When joint debts are due from firm and also separate debts are due from partners, the firm’s property shall be applied first in paying the firm’s debts it is ______.

Dissolution agreement as per Section 40, can be

Dissolution of firm by the court is dealt in Section of the partnership Act, 1932.

Which of the following do not constitute ground for dissolution by Court.

Section of the partnership Act, 1932 deals with continuing Authority of partners for the purposes of winding up

In case of notice of dissolution in a partnership at will, when some specific date has been mentioned in the notice, the firm is dissolved from that date. It is

When some event happens which makes it ____ for business of the firm to be carried on by the partners, then the firm is automatically dissolved.

Section 46 of the partnership Act dealt with ______ .

At the time of dissolution, the firm’s assets after settlement of the debts of the firm to third parties and partners loans, shall be used for settlement of _______

Under Section 40, i.e. dissolution by agreement the fact of dissolution need not be evidenced by a document, i.e. no dissolution deed is required. It is

When Joint Debts are due from Firm and also separate debts are due from partners, when there is any surplus after payment of the Firm’s debts then the share of each partner shall be

When partnership is at will, notice of intention to dissolve the firm should be served on _____.

Court may dissolve a firm when a suit is brought that a partner has become of unsound mind, statement is ______

Payment of firm debts and of separate debts of payments is dealt under section. of the partnership Act.

When partnership is at will, Notice of intention to dissolve the firm may be served by

At the time of dissolution of firm, the surplus left after settlement of the debts and liabilities of the firm shall be

Sec.40 depicts dissolution by agreement, which can be

The Court shall compulsorily dissolve a firm if a suit is brought that a partner has become of unsound mind statement is

X, Y and Z are in partnership. X is adjudicated insolvent, but Y and Z agree to continue the firm. The implication is

When a partnership contract is rescinded on grounds of fraud or misrepresentation, the party entitled to rescind, is also entitled to be indemnified by the partners guilty of such fraud or misrepresentation against all debts of the firm. It is

When joint debts are due from firm and also separate debts are due from partners, the separate property of the partners shall be used first ______.

Rights of indemnity when partnership is rescinded for Fraud and Misrepresentation is covered under Section ___

The estate of a partner who dies, is not liable u/s 45 for acts done after the date on which he ceases to be a partner. Statement is ____ .

When a partnership contract is rescinded on grounds of fraud or misrepresentation, the party entitled to rescind, is entitled to _____ of the surplus or assets of the firm remaining after settlement of firm’s debts, for any sum paid by him for purchase of share or for contribution of capital.

In case of dissolution by agreement u/s 40, a unilateral notice by any one partner is sufficient. It is ____

At the time of dissolution of a firm, every partner or his representative is entitled to have the ____ applied in payment of the debts and liabilities of the firm.

Loss arising out of partners insolvency shall be made up by the solvent partners by –

a. Bringing in cash equal to their respective shares of the loss on realization and

b. Bearing the loss in the ratio of their last agreed capitals statement is ____

Dissolution by notice of partnership at will is dealt with u/s _____ of the partnership Act, 1932.

When a notice of dissolution is served in a partnership at will, and no date has been mentioned in the notice, the firm is dissolved from the date when the notice is communicated, statement is ____

When partnership contract is rescinded on ground of fraud or misrepresentation, the party entitled to rescind, is also entitled to be indemnified against all debts of the firm, by

Joint debts are due from firm and also separate debts are due from partners, any surplus left after settlement of the firm’s debs shall not be paid to the partner directly, but the share of each partner shall only be applied in the payment of his separate debts. It is _____

The estate of a partner who is adjudged insolvent, is liable u/s 45 for acts done after the date on which he ceases to be a partner, statement is ______.

When some event happens which makes it unlawful for the business of the firm to be carried on or for the partners to carry it on in partnership, then _____.

The right of a partner or his representative to restrain other partners or representatives from the use of firm name or firm property upon dissolution of firm can be restricted by agreement between partners. It is _____

Loss arising out of partners insolvency can be recouped from ______

When partnership is at will, the firm may be dissolved by any partner giving notice in writing to all the other partners of his intention to dissolve the firm. Statement is ______.

When a partner has become of unsound mind, a suit for dissolution may be brought by

Compulsory dissolution is dealt with under section of the partnership Act, 1932.

Partners are entitled to have the business wound up, upon dissolution of firm. It is

When under Sec.45 public notice of dissolution is not given, the partner who retires from the firm and who is not known to the person dealing with the firm to be a partner, continues to be liable for any act done by any of the partners which would have been the act of the firm if done before dissolution. It is

When it is proven that a partner has become permanently incapable of performing his duties as a partner, the court may dissolve the firm. It is

When all partners, or all but one partner, of the firm are declared insolvent then ____

When a partner’s capital account has a debit balance and he is unable to bring in necessary cash to make up the deficiency, it is called _____.

Firm will not be compulsorily dissolved. When

Under Section 45, public notice of dissolution is not given the estate of a partner who is adjudged insolvent, is not liable for any act done by any of the partners which would have been the act of the firm if done before dissolution.

When a partnership contract is rescinded on grounds of fraud or misrepresentation, the party entitled to rescinded is also entitled to rank as a creditor of the firm in respect of _____

A suit for dissolution of firm on the grounds that a partner has become permanently incapable of performing his duties as a partner, can be brought by

The accounting rule in respect of loss arising due to insolvency of a partner is dealt with in ______

Public notice of dissolution u/s 45 may be given by ____

The partner who retires from the firm and who is not known to the person dealing with the firm to be a partner is not liable under Sec.45 for acts done after the date on which he ceases to be a partner. He is

When public notice of dissolution is not given under Section 45, the estate of a partner who dies, continues to be liable for any act done by any of the partners which would have been the act of the firm if done before dissolution it is

When more than one separate adventure or undertaking is carried on by the firm, and one of the adventures become unlawful ____.

When a partner was diagnosed for paralysis which on evidence was found to be curable, dissolution of firm should be granted by the court. It is

X, Y and Z are in partnership, X and Z are declared insolvent, while Y wants to continue the firm.

Joint debts due from firm and also separate debts due from partners, the separate property of the partners shall be applied first in paying the firm’s debts. It is

When joint debts due from firm and also separate debts due from partners, the firm’s property shall be applied first to pay

Separate property of any partner shall be used a first in the payment of his separate debts, and (b) balance surplus, in the payment of the debts of the firm. It is

Sec.52 deals with the rights when partnership contract is rescinded for _____.

When a partnership contract is rescinded on grounds of fraud or misrepresentation, the party entitled to rescind, is also entitled to rank as a ______ of the firm in respect of any payment made by him, for the firm’s debts.

When a notice of dissolution in a partnership at will, where no date has been mentioned in the notice, the firm is dissolved from the date ____.

A partnership firm may be dissolved by notice to all the partners by any partner if the partnership is

A partnership firm may be dissolved by the order of the court when any partner

In the case of partnership at will, notice of intention to dissolve the firm may be given

According to Partnership Act, a firm may be compulsorily dissolved when all

A firm may be dissolved by agreement between the partners and such agreement may be

On which of the following grounds, a partner may apply to the court for dissolution of the firm ?

Under the decision of Garner v. Murray case, the loss arising due to the deficiency of capital of insolvent partner is born by the solvent partners in the ______

A partner may file a petition for dissolution of the firm if any other partner has transferred his interest to

According to Partnership Act, the public notice of dissolution of firm must be given by

A accepted view is that where all the partners except one die or become insolvent, the firm is dissolved

On an application to the court for dissolution of the firm on the ground of insanity of a partner or misconduct of a partner, the court is bound to order dissolution of the firm.

Generally, losses of a firm should be paid first out of ____.

The court may not order for dissolution of a firm where a partner of the firm has ____.

In case of dissolution of a Registered firm, its goodwill

In the Garner v. Murray case, the principles laid down are

The private property of any partner shall be applied first in the payment of _____

A court may order the dissolution of the firm under which of the following conditions

If the assets of the firm are not enough, deficiency will be met

After public notice of dissolution of the firm has been given, the partners continue to bind the firm by the acts