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WorksheetsPartnership Act
Total questions: 15
Worksheet time: 10mins
A partner of an unregistered firm can sue for ____ of the firm.
goodwill
share in property
dissolution
nothing
Expulsion of a partner from the firm is regular when partnership deed authorizes the other partners, and this authority is used by __________
any majority of the partners
a two-third majority of the partners
three-fourth majority of the partners
unanimous consent of all the existing partners
In which of the following cases, is the firm not bound by the act of the partner?
When an act is done by a partner or his agent on behalf of the firm.
When an act is done by a partner in the name of the firm.
When an act is done by a partner in any manner expressing or implying an intention to bind the firm.
When an act is done fraudulently or negligently.
Ram, Sham, and Mohan are in partnership. Ram and Mohan are declared insolvent while Sham wants to continue the firm. Which of the following is true?
The firm is also declared insolvent.
Sham has to repay the debts of the firm.
The firm is automatically dissolved, and hence Sham cannot continue.
The court has to give the order for dissolution.
In which of the following cases, is the dissolution of partnership through court not possible?
The insanity of a partner
Misconduct by the partner
Insolvency of partner
Incapacity of partner
Which of the following acts is not included in the implied authority of a partner?
To buy or sell goods on account of the partnership
To borrow money for the purposes of the firm
To enter into partnership on behalf of the firm
To engage a lawyer to defend actions against the firm
Sourav and Gourav agree to divide the profit of a business in equal shares. But if there is any loss in the business, it will be borne by Sourav alone. The partnership agreement is ________.
void
lawful
voidable
illegal
The relation of partners arises from _________
status
an agreement
legal provisions
mutual understanding
A partnership firm is a/an _
distinct legal entity from its partners
independent juristic person agent of its partners
agent of its partners
none of the these
A firm may be dissolved by a court in all of the following circumstances, except
misconduct by a partner
insanity of partner
completion of venture
persistent breach of the agreement by a partner
Upon the coming into force of the Limited Liability Partnership Act, 2008,
the Indian Partnership Act, 1932 stands repealed
the provisions of the Indian Partnership Act, 1932 ipso facto apply to limited liability partnerships (LLPs) also
both the acts coexist, but the provisions of the Indian Partnership Act, 1932 are not applicable to LLPs, same as otherwise provided
the Limited Liability Partnership Act, 2008 is applicable to only metropolitan cities
What is the partnership written agreement known as?
Partnership contract
Agreement
Partnership deed
Partnership Act
Which is not a feature of a partnership business?
Ease of formation
Limited liability
Limited life
Mutual agency
The maximum number of members that can be a part of an LLP is __
20
50
200
no limit
The Registrar shall reserve the proposed name of the LLP to be incorporated for a period of ______ from the date of intimation by the Registrar.
3 months
1 month
6 months
none of these
