WorksheetsForms of Business Organisation
Total questions: 25
Worksheet time: 13mins
A type of business organisation where a person individual responsible for capital, bearing risk & management is called (a)
The most important document used in partnership business is (a) .
In a general partnership liability of partners is (a)
There is a separate law that governs sole proprietorship.
true
false
A nominal partner is one who allows the use his/her name by a firm, but does not contribute capital.
True
False
Which type of business organisation is the most popular and suitable for Small business.
a) Joint Hindu Family
b) Sole Proprietorship
c) Partnership
d) Cooperative society
Registration of a partnership business is (a)
The Act which governs the formation of a partnership business is Indian Partnership Act.
(a). 1932
(b). 1956
(c). 1949
(d). 1912
Name the type of partner.
(a)
Mention the maximum number of partners in partnership and under which Act it is mention.
100, Indian Partnership Act 1945
50, Indian Partnership Act, 1932
50, Companies Act 2013
100, Companies Act 2015
Name the partner who does not contribute capital for business but held liable to outsiders.
Partner by estoppel
Secret Partner
Active Partner
Dormant Partner
Hindu Succession Act was passed in _______
1916
1956
1932
2013
Name the partnership in which partners can close partnership by giving notice.
Partnership at will
General Partnership
Limited Liability Partnership
Particular Partnership
The members of Hindu undivided family business are called .
Karta
coparcener
parcener
Partner
Registration of partnership firm is ...... in Maharashtra.
voluntary
compulsory
easy
lengthy
A particular partnership firm can most likely be dissolved with
Will of the partners
Fulfillment of the firm's purpose
Application of the firm's creditors
Decision of the Court
Meg and Ria run a boutique in a partnership, sharing profits and losses equally. The assets of the firm are worth ₹50,000, but the firm’s debts amount to ₹80,000. Who will be responsible to pay the debt of ₹30,000 over and above the assets?
Debt will be paid wholly by Meg
Debt will be paid wholly by Ria
Debt will be paid equally by Meg and Ria
Debt will be not be paid by Meg or Ria
The Karta in Joint Hindu Family business has
Limited liability
Unlimited liability
No liability for debts
None of the above
Tina owns a profitable small business of a restaurant and earns good revenues. One of her friends suggested her to expand the business, but as the sole owner of business, Tina was hesitant as she did not want to invest her complete savings. The limitation of sole proprietorship type of business highlighted here is_________.
unlimited liability
limited funds
dilution of control
limited managerial ability
On the basis of duration partnership is divided into.
(a). 4
(b). 2
(c). 5
(d). 6
In LLP What is the maximum no of partners?
10
50
100
unlimited
Rohit is setting up a coaching institute. Which of the following factors related to starting of business will be NOT considered by Rohit?
Whether to set up a partnership or sole proprietorship
Pricing of the courses offered
Location of the institute
Layout of the classrooms & reception area
A person is considered a partner ……… if, through his/her own initiative, conduct or behaviour, he/she gives an impression to others that he/she is a partner of the firm.
Partner by holding out
Nominal Partner
Secret Partner
Partner by estoppel
A minor can be admitted to the benefits of an already existing partnership firm-
with the consent of Managing Partner
with the consent of all existing Partners
with the consent of the court
None of the above
Every partner acts in the capacity of-
an agent as well as a principal
only an agent of the firm
only principal of the firm
None of the above
