Tag: business organisation and correspondence

Questions Related to business organisation and correspondence

Which of the following sections permits the registration, under a licence granted by the Central Government, of associations not for profit with limited liability without being required to use the word "Limited" or the words "Private limited" after their names?

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Section 8

  2. Section 25

  3. Section 18

  4. Section 20

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Correct Option: A

Partnership at will can be dissolved by any partner by ___________.

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. communicating with the principal

  2. not allowed

  3. giving due notice to that effect to all other partners

  4. all of the above

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Correct Option: C

At the time of dissolution of partnership the main account to be looked would be __________.

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. salary

  2. revaluation

  3. drawings

  4. realization

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Correct Option: D

In a partnership firm of 5 persons. Four persons became insolvent. The firm will ___________.

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. dissolve

  2. will look out for other partners

  3. will continue

  4. none of the above

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Correct Option: A

A and B are the partners of a partnership firm X. X dissolve the property of X is  ____________.

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. qf A and B

  2. qf X

  3. af A and B and X

  4. none of the above

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Correct Option: A

The Court may not dissolve the firm in case of __________.

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. permanent in capability of a partner

  2. insanity of a partner

  3. misconduct of a partner

  4. retirement of a partenr

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Correct Option: D

Which of the following is/are disadvantage of partnership firm?

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. Unlimited Liability of partners.

  2. The duration of the partnership is always uncertain.

  3. The partners should be like minded, have a common objective, be large hearted, have a cool temperament should not unnecessarily cause friction and confusion among the partners.

  4. All of above

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Correct Option: D

Discharge of contract due to insolvency _____________________.

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. Discharge by mutual agreement

  2. Discharge by lapse of time

  3. Discharge by operation of law

  4. Discharge by impossibility.

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Correct Option: C

A partner of a trading or non trading firm signs a Negotiable instrument liability incurs in _____________.

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. The name of the firm

  2. In the name of partner

  3. Both a & b

  4. None of the above

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Correct Option: A

Which of these acts are within the implied authority?

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. Settlement of accounts with third parties who deal with the Firm.

  2. Open a bank account on behalf of the Firm in the Partner's own name.

  3. Compromise or relinquish any claim or portion of claim by the Firm.

  4. Submit to arbitration, a dispute relating to the business of the Firm.

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Correct Option: A