Tag: types of partners

Questions Related to types of partners

Dinesh becomes a partner in the firm by agreement but never takes active part in the conduct of the business of the firm, in this situation he is known as a ________.

business organisation and correspondence 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. Dormant Partner

  2. Nominal Partner

  3. Sub-partner

  4. Ostensible Partner

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Correct Option: A

Which of the following statements is true?

business organisation and correspondence 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. Two or more companies cannot enter into a contract of partnership

  2. Two or more partnership firms can enter into a new contract of partnership

  3. A married woman can be a partner of her husband

  4. Two or more Joint Hindu Families cannot enter into a contract of partnership

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Correct Option: C

Balu, Lalu and Kalu are partners in a firm. They admit Malu as a minor partner to the benefit of partnership. Within 6 months of his attaining majority, he fails to give a public notice of his intention that he has become a fullfledged partner. On the other hand all other partners refuse to take him as a partner. In this case, which of the following statement is correct ?

business organisation and correspondence 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. Malu is not liable as a partner

  2. Malu can become a partner

  3. Public notice is not essential for a minor partner on attaining majority

  4. A suit may be filed by other partners for dissolution of the firm

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Correct Option: B

A minor has some rights against his estate diving  the age in which he is minor they are ___________.

business organisation and correspondence 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. defending a suit

  2. defending him in prosecution

  3. to meet his marriage expenses

  4. all of the above

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Correct Option: C

Following persons can not be called partners ____________________.

business organisation and correspondence 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. Minors

  2. Insolvents

  3. Co-owners without the agreement to carry in the business

  4. All of the above

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Correct Option: D

At the time when a new partner enters, goodwill   __________________.

business organisation and correspondence 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. belongs all partners, new and old

  2. belongs only to the new partner who is going to be admitted

  3. belongs only to the old partner who have credited it

  4. none of the above

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Correct Option: C

A _________  partner is like an disclosed principal.

business organisation and correspondence 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

  2. active

  3. nominal

  4. sub-partner

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Correct Option: A

A sub-partner is a person ____________.

business organisation and correspondence 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. who is sharing the profits of some partner

  2. who does not invest and shares the profits

  3. who invests but does not work

  4.  who only gives his name for partnership

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Correct Option: A

XYZ partnership firm is a partnership firm between A and B. C posed that he is a partner in XYZ and earned profits from the market. C will be regarded as ______________.

business organisation and correspondence 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. holding out partner

  2. dormant partner

  3. nominal partner

  4. none of the above

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Correct Option: D

Minor may be admitted in the firm for ________.

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. sharing of profits

  2. mutually benefit

  3. both (a) and (b)

  4. none of these

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Correct Option: A