The Indian Partnership Act,1932- Test 4

When the minor elects not to become not to become a partner, his rights and Iiabilites ….

When the minor elects not to become a partner, his share is not liable for any acts of the firm done ……..

A minor is personally liable for the debts of the firms.

Where a minor on attaining majority, elects to become a partner, he does not become personally liable as other partners to the third parties for all the acts of the firm done since he was admitted to the benefits of partnership.

If minor becomes or elects to become a partner, his position will be …….

Which partner has a right to take part in the conduct and management of the business?

Which type of partner has a right of free access to all record, books and accounts of the business and also to examine and copy them?

Every partner whether active or dormant, has a right of free access to all ….. of the business and also to examine and copy them.

Every partner is entitled to share in the profits …. unless different proportions are stipulated.

Where a partner has advanced any loan to the firm and the agreement provides for interest, but does not specify any rate, the rate shall be

A partner claim interest on capital …..

Subject to contract between the partners, where a partner is entitled to interest on his capital, such interest shall be payable-

Subject to contract between the partners, for taking part in the conduct of the business, a partner is …….

Partner shall indemnify the firm for any loss caused to it by his …. in the conduct of the firms’s business.

Statement X: A partner has no power to act in an emergency for protecting the firm from loss.
Statement Y: Not every partner has a right to retire by giving notice where the partnership is at will.

Which of the following is not a right of partner?

Statement 1: An incoming partner will be liable for debts or liabilities of the firm before he becomes a partner.
Statement 2: Even in case of invalid expulsion a partner has no right to claim damages.

In good faith and based on the contract between partners, a partner may be expelled from the firm by-

When a partner is expelled otherwise than in good faith it is-

ABC& Co., a firm consists of three partners A, B and C having one-third share each in the firm. According to A and B the activities of C are not in the interest of the partnership and thus want to expel C from the firm. Advise A and B whether they can do so.

Statement A: When a partner is expelled otherwise than in good faith, it is null and void and he continues to be a partner.
Statement B: The outgoing partner cannot carry on a competing business or advertise such business.

Where the outgoing partner carries on a competing business, which of the following is permissible?

Every partner is bound to carry on the business of the firm…..

Which of the following is NOT covered by general duties of partners?

Which of the following is NOT covered by the general NOT covered by the general duties of partners?