Partnership Quiz

What is a key feature of a partnership?

• Unlimited liability

• Limited liability

• Separate legal entity

• No profit-sharing

Which of the following is NOT a test of partnership?

• Agreement between two or more persons

• Sharing of profits

• Business carried on by all or any one acting for all

• Registration of partnership

A partnership formed to complete a specific project is called:

• General Partnership

• Particular Partnership

• Partnership at Will

• Limited Liability Partnership

What is the maximum number of partners in a partnership firm?

• 20

• 50

• 100

• No limit

Which of the following statements about Partnership at Will is true?

• It must have a fixed duration

• It can only be dissolved by a court order

• It has no specific duration and continues until dissolved by partners

• It is only allowed in certain industries

Which of the following is NOT a type of partner?

• Partner in Profits Only

• Sleeping Partner

• Partner by Estoppel

• Employee Partner

What does 'Partner by Estoppel' mean?

• A partner who has limited liability

• A partner who has a secret agreement

• A person who is not a partner but is considered one due to their conduct

• A partner with decision-making power only

Which of the following is NOT a feature of the Indian Partnership Act, 1932?

• Mutual agency

• Profit-sharing

• Separate legal entity

• Unlimited liability

Which of the following businesses CANNOT be formed as a partnership?

• Real estate business

• Manufacturing unit

• Betting and gambling

• Consulting firm

Which of the following is a feature of an LLP?

• Unlimited liability of partners

• No requirement for registration

• Separate legal entity

• Dissolves automatically when a partner leaves