Post Test - Partnership

Partnership is “an association of any kind (including joint ventures, syndicates and cases where a party to the association is itself a partnership) between parties who have agreed to combine all are below:

• Skills

• Power

• Property

• All

The maximum number of partners for professional practice in Malaysia:

• 2

• 20

• 22

• No limit

Limited liability partnerships were introduced in year of

• 2010

• 2012

• 2013

• 2015

Partnerships were introduced by which Act of Parliament?

• Partnership Act 1961 (Revised 1974)

• Partnership Act 1967 (Revised 1974)

• Partnership Act 1997 (Revised 1974)

• Partnership Act 1961 (Revised 2016)

What kind of partner is BEST described by these statements. "I am the partners in this business and I take all the risks of doing business".

• Cooperative partner

• Limited partner

• Passive partners

• Full partner

The legal characteristic of a partnership whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the normal scope of the partnership business is known as:

• Unlimited liability

• A partnership contract

• A mutual agency

• Separate entity

A partnership ALWIZ need a formal agreement.

• True

• False

Partnership are not be taxed ONLY the partner will be taxed

• True

• False

Audit firm, lawyer firm and clinic can have more than 20 members.

• True

• False

Every partner MUST contribute the CAPITAL.

• True

• False