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Forms of Business Organisations Test - 44

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Forms of Business Organisations Test - 44
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Weekly Quiz Competition
  • Question 1
    1 / -0
    If the partnership agreement, is in ________ it is known as a 'Partnership Deed'.
    Solution
    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. 
  • Question 2
    1 / -0
    Who of the following can enter into partnership agreement ($$\checkmark$$) and who cannot $$(x)$$?
    P. Minors
    Q. Company
    R. Lunatics
    S. Insolvent
    Select the correct answer from the options given below.
    Solution
    According to the Partnership Act, 1932 , any person who is below the age of eighteen, any person who has an artificial body by law, any person who is mentally ill and any person who is declared bankrupt cannot be admitted as a partner in a partnership firm. 
  • Question 3
    1 / -0
    Which of the following can be treated as advantage of HUF form of business?
  • Question 4
    1 / -0
    A minor may be admitted to the benefits of a partnership with the consent of ___________.
    Solution
    According to the Partnership Act, 1932 a minor can be admitted as a partner in a partnership firm with the consent of all the partners in the agreement where the minor will share only the profits or gains of the firm and he will have no share in the firms loss. 
  • Question 5
    1 / -0
    As per Section $$(2)$$b of the Act the term "business" includes every __________________.
  • Question 6
    1 / -0
    N and Z, the co-owners of a house, use the house as a hotel managed either by themselves or by a duly appointed manager for their common profit. Is there a partnership relation between the parties?
    Solution
    If N and Z, the co-owners of the house, use the house for hotel management purposes then it will not be considered as any partnership relation because there is no contract between them in any manner, either it is verbal or written regarding the partnership agreement.
    Hence, option (B) is the correct answer.
  • Question 7
    1 / -0
    Where the partnership is at will, the firm may be dissolved by any partner giving notice in writing to _________ of his intention to dissolve the firm.
    Solution
    The partnership is started at the will of the partners where the firm stands dissolved whenever the partners want it to as there is no fixed period or provision regarding the business duration and determination of the firm. Such a type of partnership is known as a partnership at will. Any partner can dissolve the firm by giving a prior notice regarding the dissolution mentioning a legitimate reason behind the dissolution.
    Hence, option (B) is the correct answer.
  • Question 8
    1 / -0
    A partnership may be _________.
    Solution
    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. The partnership can be started for a specific purpose and stand dissolved after the completion of the purpose, it can be started for a fixed period in order to earn profits and even partnership can be started at the will of the partners where the firm stands dissolved whenever the partners want it to. 
  • Question 9
    1 / -0
    Which of the following is/ are disadvantage of partnership firm?
    Solution
    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. The disadvantages of a partnership firm are 
    1. In a partnership firm, the partners have unlimited liability which means in the case of insolvency of the firm the credits can claim their outstanding on the personal assets of the partners.
    2. The life of a partnership firm depends upon the life of its partners as there is no separate legal entity. 
    3. There are always some probability of disputes between the partners due to diversification of culture and background. 

  • Question 10
    1 / -0
    The management of the company is carried on by the elected __________.
    Solution
    A company has a separate legal artificial body with a name and common seal by the law. 
    The company has a separate management body that handles the overall business of the company who are known as Board of directors. 
    They are elected by the owners that is the shareholders of the company in the general annual meeting of the company.
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