Tag: registration of partnership

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

E-form no 18 is filled for _____________________.

  1. registered address, of company

  2. head office address, of company

  3. regional office address of company

  4. fall the address of company
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Form INC-18 (often referred to as Form 18 in older contexts) is used to notify the Registrar of Companies about the situation or change of the registered office of a company.

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

For the formation of the contract of sale of goods, there should be ________________.

  1. two parties

  2. one party

  3. more than 2 parties

  4. both A & B
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A contract of sale requires a transfer of property from a seller to a buyer. Therefore, there must be at least two distinct parties involved.

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

Sec. 25 companies should pay stamp duty for registering MOA and AOA _______________.

  1. Yes

  2. No

  3. Not specified

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Section 25 companies (non-profit organizations) are generally exempt from stamp duty on the registration of their Memorandum and Articles of Association in many jurisdictions to encourage social welfare activities.

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

One out of the below mentioned statements is false. Pick it ________________.

  1. A registered company whose members have a liability limited, at the time of winding up of company their liability becomes unlimited.

  2. A publicly owned company is a company whose shares are held by public.

  3. When companies shares are held by individuals who are associated with the management of firm it is closely held company.

  4. When a company gods public its true market value is revealed
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Option A is false because the liability of members in a limited company remains limited even at the time of winding up, up to the amount unpaid on their shares. The other options describe standard characteristics of public and closely held companies.

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

If the remaining partner want to continue the business, after the retirement of a partner, a new partnership agreement__________.

  1. necessary

  2. not necessary

  3. optional

  4. none of above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

When a partner retires, the original partnership agreement is dissolved. If the remaining partners wish to continue the business, they must enter into a new partnership agreement to define the new terms.

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

The partnership deed is also called as _______________.

  1. Partnership agreement

  2. Constitution of partnership

  3. Articles of partnership

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

According to the Partnership Act, 1932 the relation between the partners of a partnership firm can only be created through a mutual agreement between the partners which will be presented in the manner of contract that can be verbal as well as written also. But nowadays written is given more preference due to legal requirements. The written partnership agreement which has all rules and regulations implied on all the partners mention thereof is called partnership deed. A partnership deed is also called partnership agreement or constitution of partnership or articles of partnership. 

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

Registration of partnership is _________.

  1. Compulsory

  2. Not compulsory

  3. Compulsory if its turnover exceeds specified amount

  4. Compulsory if it is liable to tax audit under the Income Tax Law
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A partnership basically refers to the contract between two or more people who have agreed to carry on certain business in order to achieve common goals. 

Under Partnership Act, 1932 registration of partners and the partnership firm is not compulsory however it is advised to get the firm registered for many legal requirements.