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Steps involved in Establishing Business Test 23

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Weekly Quiz Competition
  • Question 1
    1 / -0
    Which one of the following is NOT an effective way to terminate an offer?
  • Question 2
    1 / -0
    Discharge of contract due to insolvency _____________________.
  • Question 3
    1 / -0
    New incoming partner pays his share of goodwill in cash, and profit sharing ratio of old partner is changed, Goodwill be distributed among old partners ____________.
  • Question 4
    1 / -0
    This is UNTRUE about LLP_______________.
  • Question 5
    1 / -0
    LLP shall have atleast ___ Partners
    Solution
    An LLP need to have atleast two designated partners (DPs) who was responsible for working of an LLP. The designated partners need to have DIN or DPIN. So if the LLP has 3 partners out of which 2 are DPs, each one of the DPs needs to have a DIN / DPIN. To start an LLP, you require at least two partners.
  • Question 6
    1 / -0
    A form of licensing in which a firm provides its foreign franchisee with a complete assortment of materials and services is known as _________.
  • Question 7
    1 / -0
    Which of the following enjoys separate legal entity status?
    Solution
    Separate Legal Entity:
    A company and LLP becomes a separate legal entity as compared to its members and partners. The company and LLP is distinct and different from its members and partners in law. It has its own seal and its own name, its assets and liabilities are separate and distinct from those of its members. It is capable of owning property, incurring debt, and borrowing money, employing people, having a bank account, entering into contracts and suing and being sued separately.
  • Question 8
    1 / -0
    The _________ is responsible for doing all acts, matters and things as are required to be done by LLP as per the Act.
  • Question 9
    1 / -0
    The maximum number of partners in a partnership firm can be ______.
    Solution
    Option D is the correct answer.
  • Question 10
    1 / -0
    The maximum number of partners in partnership firm is determined by__________.
    Solution
    Option A is the correct answer.
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