WorksheetsTypes of Partners
Total questions: 10
Worksheet time: 5mins
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
