Partnership Act Test -4

Option (2) is correct: As long as a minor is a partner, he cannot sue the other partners.

Option (2) is correct: The liability of a partner is unlimited for all acts of the firm done, while he is a partner.

Option (4) is correct: An alien enemy of any native nation with which a domestic nation or government is in conflict cannot become a partner in a partnership firm.

Option (1) is correct: A person, who is a minor according to the law to which he is subject, may not be a partner in a firm, but with the consent of all the partners for the time being, he may be admitted to the benefits of partnership.

Option (1) is correct: Under Section 13 of the Partnership Act, a partner is not entitled to receive remuneration for taking part in the conduct of the business, but he has a share in the profits.

Option (1) is correct: When a partner in a firm is adjudicated insolvent, he ceases to be a partner.

Option (3) is correct.

Option (3) is correct: According to the Partnership Act, 1932, in a banking business, the number of partners should not exceed 10 persons.

Option (2) is correct: C is not liable for losses, but if any person sues the partnership firm, then all the partners will be liable jointly.

Option (4) is correct: A third party can file a suit against an unregistered firm for a breach in contract. However, all the other consequences are applicable to an unregistered firm.

Option (1) is correct: Under Section 25 of the Partnership Act, all the partners are jointly liable for all the acts of a firm.

Option (3) is correct: On dissolution, the partners remain liable till a public notice is given.

A partner can retire in accordance with the partnership deed.

Option (4) is correct: Under Section 32 of the Act, a partner may retire with the consent of all of the other partners.

Option (1) is correct: Under Section 30 of the Act, the time period given to a minor to decide whether he wants to continue as a partner or not is 6 months.