Types of Partners

Who , as a partner has unlimited liability?

• Active and Secret partners

• Nominal Partners and sleeping partners

• All of the above

• Only a option

Which partner doesnot contribute capital but still has unlimited liability?

• Secret

• Nominal

• Active

• Sleeping

To start a partnership business, what should be the minimum number of partners?

• 2

• 10

• 4

• 20

In partnership, partners liabilities are

• Unlimited

• Limited to the capital of the business

• Limited

• Both A and C

State which of the statements is true?

• Partner is an agent of the firm

• Partner is owner of the firm

• Partner is director of the firm

• None of the above

Which of the following is a strong but not sufficient test of partnership

• sharing of profits

• sharing of losses

• either of the two

• none of the above

In which of the following cases, a partnership exist:

• Several persons jointly purchase goods for resale with a view to

  divide the profits arising from the transaction.

• Persons (co-owners) who join in the purchase of goods for the

  purpose of dividing the goods themselves.

• A,B and C agreed that each should furnish Rs. 3000 worth of goods to be shipped on a joint venture, the profits is to be divided between them according to the amount of their several shipments

• Two tenants in common of a house and divide the rent equally

In which of the following cases a partnership does not exist?

I. Lender of money receiving profit

II. Servants or agents receiving profit

III. Widow or child of a deceased receiving profits.

IV. Seller of goodwill receiving profits

• I, II and III

• I, II and IV

• II, III and IV

• All of the above

Partnership” means

• joint venture

• agreement between the persons to share the profit of a business carried on between them

• agreement between the persons to do some work

• none of the above

The relation of partnership according to Section 5 of Indian Partnership Act, 1932 arises from

• status

• Contract

• friendship

• None of these