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Admission of a Partner Test - 24

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Admission of a Partner Test - 24
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  • Question 1
    1 / -0
    Select the odd one :
    Solution
    Contribution of capital 'equally' is not a necessary condition to start a  partnership. However, the other three options given in the question are mandatory for  partnership to start/ exist.

  • Question 2
    1 / -0
    Select the odd one :
    Solution
    There could be a temporary 'partnership' but not a temporary 'partner'.
    Hence, of the given options:
    Minor partner is allowed to be a partner in the firm but can be admitted only for benefits.
    Sub -partner means partner's partner and only shares profits of partners, he has no rights/liabilities towards the firm.
    Sleeping partner/ Silent partner does not actively participate in managing the business.
    Temporary partner is odd one.
  • Question 3
    1 / -0
    The liability of a partner of a firm is ____________.
  • Question 4
    1 / -0
    The partnership defines business in an ___________.
  • Question 5
    1 / -0
    Registration of firm is complete as soon as ___________________.
    Solution
    Partnership is regulated by Indian Partnership Act, 1932, however registration of the firm is optional. Various documents are to be submitted to the Registrar for registration, on satisfaction of which the name shall be entered in the Registrar of firms.
    Hence, registration shall be completed on entry in the registrar and with issuance of registration certificate.
  • Question 6
    1 / -0
    Application of Registration of firm is to be signed by _______________.
  • Question 7
    1 / -0
    When a partnership firm is continued even after the expiry of the fixed term it is called ________.
    Solution

    A fixed term partnership is formed for a definite period of time. The partnership comes to an end on a date specified in the partnership deed. If the business is continued beyond the expiry of such period, the partnership is deemed as a partnership at will.

  • Question 8
    1 / -0
    The status of a partnership firm for the purpose of taxation is ________.
  • Question 9
    1 / -0
    A third party with whom a partner has agreed to share the profit accruing to him from a partnership is known as _________.
    Solution
    Sub-Partner -  A Sub-Partner has no direct contact with the firm. He is only next to a partner.
    When a partner agrees to share his share of profits in a partnership firm with an outsider, such an outsider is called sub-partner. Such sub-partner does not hold any rights against the firm nor liable for the debts of the firm, as he is in no way connected with the firm.
  • Question 10
    1 / -0
    Intimation of discontinuance of business at any place or begin to carry on business at any place can be given to Registrar of firms by _____________.
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