Forms of Business Organizations - I

1) Which form of business organization is only found in India?

• Sole Proprietorship

• Partnership

• Hindu Undivided Family

• Corporations

Name the form of business organization where the members are jointly as well as individually liable for payment of firm's debts.

• Sole Proprietorship

• Partnership

• Hindu Undivided Family

• Company

3) Name the basic document prepared for partnership firm.

• Partnership contract

• Partnership deed

• Prospectus

• Notary

4) Name the type of partner who contributes capital and shares profits and losses but does not take part in the day-to-day management of the firm .

• Active partner

• Dormant partner

• Nominal partner

• partner by estoppel

Which year Act governs Partnership firm?

• 1956

• 1947

• 1932

• 2013

What are the members in Joint Hindu Family business called and how is their liability?

• co-partners, unlimited

• co-parceners, unlimited

• co-parceners, limited

• co-partners, limited

7) Identify the type of partner: His association with the firm is not disclosed to the general public.

• Sleeping partner

• Partner by holding out

• Secret partner

• Active partner

8) He allows the use of his goodwill to benefit the firm and can be represented as a partner.

• Sleeping partner

• Active partner

• Nominal partner

• Partner by estoppel

9) Mayur and Manish are doing separate business if installing Centralized Air conditioning units in Mumbai. They enter into partnership contract to install Centralized Ac unit in a hotel in Shirdi. Identify the type of partnership.

• Particular Partnership

• Partnership at will

• Non existent partnership

• None

10) Which is the simplest form of business organization?

• Sole proprietorship

• Partnership

• Joint Hindu Family Business

• Company