Tag: partnership 3 - registration of a partnership firm

Questions Related to partnership 3 - registration of a partnership firm

To form a partnership, the parties should share ________.

business organisation and correspondence partnership 3 - registration of a partnership firm partnership deed registration of partnership registration of partnership firm

  1. Only losses

  2. Only profits

  3. Both profits and losses

  4. Profits and losses but some partners may get a share only in the profits

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Correct Option: D

Which of the following is not required to be given in an application for registration of a Firm?

business organisation and correspondence partnership 3 - registration of a partnership firm partnership deed registration of partnership registration of partnership firm

  1. Firm name

  2. Place of business or principal place of business

  3. Names of any other places where the firm carries on business

  4. Details of capital contribution of partners

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Correct Option: D

Application for registration of firms should be signed by _____________.

business organisation and correspondence partnership 3 - registration of a partnership firm partnership deed registration of partnership registration of partnership firm

  1. All the partners or their agents

  2. Majority partners or their agents

  3. All working partners or their agents

  4. All minor partners

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Correct Option: A

Identify which of the following statement is true and which is false.
P. Registration of firm does not create partnership, but is only the evidence of existence of partnership.
Q. A partnership firm has to be compulsorily registered in order to commence its business.
R. Registration of firm may be effected at any time during the continuance of partnership.
Select the correct answer from the options given.

business organisation and correspondence partnership 3 - registration of a partnership firm partnership deed registration of partnership registration of partnership firm

  1. P-True, Q-False, R-True

  2. P-False, Q-True, R-True

  3. P-True, Q-True, R-False

  4. P-False, Q-False, R-True

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Correct Option: A

Which of the following is NOT required to be given in an application for registration of a firm?

business organisation and correspondence partnership 3 - registration of a partnership firm partnership deed registration of partnership registration of partnership firm

  1. Firm name

  2. Date when each partner joined the firm

  3. Date of birth of each partner of the firm

  4. Duration of the firm

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Correct Option: C

If a firm wants to register itself, it will go to __________.

business organisation and correspondence partnership 3 - registration of a partnership firm partnership deed registration of partnership registration of partnership firm

  1. Registrar of Firms

  2. Registrar of Companies

  3. Court

  4. Any of the above

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Correct Option: A

Register of Firm shall be open to inspection by _______________.

business organisation and correspondence partnership 3 - registration of a partnership firm partnership deed registration of partnership registration of partnership firm

  1. The Registrar of Firms

  2. Partners of Firm

  3. Creditor of the Firm

  4. Any person

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Correct Option: D

Application for rectification of mistake in the documents or the Register of firms shall be made by _________________.

business organisation and correspondence partnership 3 - registration of a partnership firm partnership deed registration of partnership registration of partnership firm

  1. Any one partner or his agent

  2. Majority of partners or their agent

  3. All working partner or their agents

  4. All the partners or their agents

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Correct Option: D

A partner may retire from an existing firm __________________.

business organisation and correspondence partnership 3 - registration of a partnership firm partnership deed registration of partnership registration of partnership firm

  1. With consent of all partners

  2. As per express agreement

  3. By written notice in partnership at win

  4. All of the above

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Correct Option: D
Explanation:
Every partner is an agent of the partnership firm. Individuals have to enter into a contract to become partners. A partner may retire from an existing firm:a) With consent of all partners
b) As per express agreement
c) By written notice in partnership at win.

Interest on capital will be allowed only when _________________.

business organisation and correspondence partnership 3 - registration of a partnership firm partnership deed registration of partnership registration of partnership firm

  1. There are heavy losses in the firm

  2. There are no profits and no losses

  3. There are profits

  4. Always

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Correct Option: C
Explanation:

Interest on capital will be allowed only when there are profits. Interest on capital is only given to partners when there are profits. In case of losses, partners are not given interest on capital. Interest on capital can be defined as the amount charged as interest on partner's capital.