The Indian Partnership Act,1932- Test 3

Registration of partnership is not compulsory but registration of company is …..

Minimum two persons are required to cases partnership but minimum numbers of member required to form a company are- in case of private company …. & in case of public company …….

Affairs of company are managed by –

A partner can transfer his interest so as to substitute the transferee in his place as the partner, without the consent of all the other partners; a member of company cannot transfer his share to any one he likes.

A change in the nature of the business can only be brought about by the consent of ……

Where a partnership firm is formed for a particular undertakings or undertakings, it proceeds to carry on other undertakings or undertakings, in that event the mutual …… of the partners in respect of the other adventures or undertakings are the same as those in respect of the original adventures of undertakings.

It is open to the partners to agree among themselves as to ……. although employed for the purpose of the firm.

In the absence of agreement, express or implied, the property of the firm is deemed to include …….

To whom the property of the firm belongs?

Property of the firm shall be held by use of partners

How you will classify partner who invest money into the business of the firm, actively participate in the functioning and management of the business and share its profits or losses?

How you will classify partner who invest money in the firm’s business and take their share of profits nut do not participate in the functioning and management of the business?

How you will classify partner who do not invest or participate in the management of the firm but only give their name to the business or firm?

Which of the following partner can retire without giving public notice?

When a partner of a firm agrees to share his own share of profits with an outsider, it called……..

Identify the incorrect sentence.

If the behaviour of a person arouses misunderstanding that he is a partner in a firm (when actually he is not ), such a person is estopped from later on denying the liabilities for the acts of the firm. Such person is called …… and is liable to third parties.

A person, who by words spoken or written or conduct represents himself or knowingly permits himself to be represented as a partner in the firm is called –

A introduces B to C as partner in his business. B, in fact was not a partner but he did not deny the statement. C advanced a loan to A. A could not repay the loan. C can hold B responsible for the repayment of loan because-

A partner who has not entered into a partnership agreement and conducts or represents himself as a partner in a firm is called

Which of the following partners are not liable in relation to the firm?

Rohit is not a partner in particular firm. But he represents himself or knowingly permits himself to be represented as a partner of the particular firm to Sanjay, who on faith of such a representation gives credit to the firm. Is Rohit liable as a partner in the firm?

Which of the following statement is incorrect as to a minor’s position in a partnership firm?

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 give public notice of his decisions to continue or withdraw from the form.

Failure by a minor to give public notice within 6 months will have the following effect…..