Tag: elements of business

Questions Related to elements of business

Retiring Partner continues to be liable for acts of the Firm done __________.

elements of business partnership 2 - organisation, classification, rights, duties and liabilities of partners types of partners types of partners and partnership firms types, rights and duties of partners

  1. upto the date of admission of a new Partner.

  2. upto the date of giving public notice of retirement.

  3. upto the close of the financial year in which he retires.

  4. all of the above.

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Correct Option: B

For the acts of the Firm ________.

elements of business partnership 2 - organisation, classification, rights, duties and liabilities of partners types of partners types of partners and partnership firms types, rights and duties of partners

  1. minor is personally liable.

  2. minor's share is liable.

  3. guardian is personally liable.

  4. there is no liability at all for or on behalf of the minor.

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Correct Option: B

A Retiring Partner is entitled to Profits of the Firm?

elements of business partnership 2 - organisation, classification, rights, duties and liabilities of partners types of partners types of partners and partnership firms types, rights and duties of partners

  1. Upto $31^{st}$ March

  2. When last accounts is made up

  3. Up to retirement date

  4. Not entitled to any Profit.

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Correct Option: C

Retiring Partner may be discharged from liability to any third party for acts of Firm done before his retirement by ________.

elements of business partnership 2 - organisation, classification, rights, duties and liabilities of partners types of partners types of partners and partnership firms types, rights and duties of partners

  1. an agreement made with such third party and the Partners of reconstituted Firm

  2. implied from the course of dealing between the third party and reconstituted Firm after he had knowledge of the retirement

  3. either (a) or (b)

  4. both (a) and (b).

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Correct Option: C

In case of Partnership at Will, Notice of intention to dissolve the Firm may be served by ___________.

elements of business partnership 2 - organisation, classification, rights, duties and liabilities of partners types of partners types of partners and partnership firms types, rights and duties of partners

  1. sleeping partners only

  2. any of the working partners

  3. any of the partners

  4. majority of the partners.

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Correct Option: C

When a Partner is expelled otherwise than in good faith, it is ______.

elements of business partnership 2 - organisation, classification, rights, duties and liabilities of partners types of partners types of partners and partnership firms types, rights and duties of partners

  1. generally valid

  2. valid vis-a-vis third parties

  3. in restraint of trade

  4. null and void.

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Correct Option: D

Loss arising out of Partners' insolvency shall be made up by ___________.

elements of business partnership 2 - organisation, classification, rights, duties and liabilities of partners types of partners types of partners and partnership firms types, rights and duties of partners

  1. that Partners' estate

  2. that Partners' Legal Heirs

  3. the Firm itself

  4. the Solvent Partners.

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Correct Option: D

Mission and Vision statements are NOT commonly used to__________.

elements of business partnership 2 - organisation, classification, rights, duties and liabilities of partners types of partners types of partners and partnership firms types, rights and duties of partners

  1. Guide management's thinking on strategic issues, especially during times of significant change

  2. Create wider linkages with customers suppliers and alliance partners

  3. Help establish a framework for ethical behaviour

  4. Inspire employees to work more productively by providing focus and common goals

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Correct Option: B

Persons who have entered into partnership with one another are called individually __________________.

elements of business partnership 2 - organisation, classification, rights, duties and liabilities of partners types of partners types of partners and partnership firms types, rights and duties of partners

  1. Firm

  2. Co-owner

  3. Firm name

  4. Partner

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Correct Option: D

Each member of firm is individually known as ________________.

elements of business partnership 2 - organisation, classification, rights, duties and liabilities of partners types of partners types of partners and partnership firms types, rights and duties of partners

  1. Partner

  2. Co-parceneres

  3. Managers

  4. Director

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Correct Option: A