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Partnership Act Quiz

Authored by Ain Maryam Zolkipli

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University

Used 5+ times

Partnership Act Quiz
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which section of the Partnership Act states that English principles of law will continue to be used in Malaysia?

Section 3

Section 47(1)

Section 4

Section 14

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to Section 3(1), what is the definition of partnership?

A type of corporation

A legal entity

A relation between persons carrying on a business in common with a view of profit

A business owned by one person

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the context of partnership, what does the term 'persons' refer to?

Plural individuals or entities

Companies only

Any legal entity

Individuals only

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum number of partners allowed in an ordinary partnership according to the Companies Act, 1965?

Twenty

No limit

Fifteen

Ten

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens if a partnership has more than twenty members?

It must dissolve immediately

It is not recognized as a valid partnership

It is still recognized as a partnership

It can operate under special conditions

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is required for a business to be considered a partnership?

No formal agreement needed

Sharing of profits only

Written agreement only

Participation of all partners

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary motive for a business to be classified as a partnership?

With a view of profit

Non-profit motives

Social responsibility

Community service

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