Indian Partnership Act 1932
Questions on Indian Partnership Act 1932
Questions
A partner of an unregistered firm can sue for ____ of the firm.
- goodwill
- share in property
- dissolution
- nothing
The conclusive evidence of registration of firm is
- the register of firms maintained by the registrar of the firm
- the certificate of registration of the firm
- a certified copy of the register of firms
- examination of submitted particulars
Expulsion of a partner from the firm is regular when partnership deed authorises the other partners, and this authority is used by
- any majority of the partners
- 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 act is done by a partner or his agent on behalf of the firm.
- When act is done by a partner in the name of the firm.
- When act is done by a partner in any manner expressing or implying an intention to bind the firm.
- When 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?
- Firm is also declared insolvent.
- Sham has to repay the debts of the firm.
- Firm is automatically dissolved, and hence Sham cannot continue.
- The court has to give order for dissolution.
In which of the following cases, is dissolution of partnership through court not possible?
- 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 partnership
- To borrow money for the purposes of firm
- To enter into partnership on behalf of firm
- To engage a lawyer to defend actions against firm
A partner of an unregistered firm cannot sue the firm or any other partner of the firm to enforce a right under provisions
- arising from a contract
- of Indian Companies Act
- of mutual agreement
- of Indian Registration Act
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
Rights and obligations of partners are determined under which section of the Partnership Act, 1932?
- Section 10
- Section 11
- Section 17
- Section 19
Which of the following is true?
- Partnership agreements are always implied.
- Partnership agreements are always expressed.
- Partnership agreements are implied and expressed.
- Partnership agreements are implied or expressed.
Viru, Yuvi and Rohit were partners in a firm. During the course of business, the firm ordered a Lathe Machine with Amrit Mechanicals Ltd. After the order was placed, but before machinery was delivered, Rohit expired. Thereafter, the remaining partners became insolvent, and the firm was unable to pay for the machine. Which of the following is true?
- Rohit's estate will be liable for the price of the machine.
- Rohit's estate will not be liable for the price of the machine.
- Amrit Mechanicals Ltd. will be liable for the price of the machine.
- Yuvi’s estate will be liable for the price of the machine.
The relation of partners arises from
- status
- an agreement
- legal provisions
- mutual understanding
Which of the following partners is liable in relation to the firm?
- Partner by holding out
- Secret partner
- Sub-partner
- Partner by estoppel
The partnership deed must be properly drafted and stamped according to the provision of
- Indian Partnership Act
- Indian Stamp Act
- Indian Contract Act
- Indian Companies Act