Steps involved in Establishing Business Test 25

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Steps involved in Establishing Business Test 25

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Weekly Quiz Competition

Question 1
1 / -0

Partnership at Will means ___________.

A
no duration Period is Fixed

B
dissolved at the will of the Creditors

C
dissolved at the will of the Debtors

D
none of the above.

Solution

Option A is the correct answer.
Question 2
1 / -0

A Partner may be expelled from the Firm by any majority of the Partners _____________.

A
in good faith

B
based on the contract between Partners

C
either (a) or (b)

D
both (a) and (b).
Question 3
1 / -0

When firm is compulsory dissolved?

A
All the partners are insolvent.

B
Firms business become unlawful.

C
All but not one become insolvent.

D
All of the above.
Question 4
1 / -0

Which is true statement regarding the including of the minor in partnership firm?

A
A minor may be admitted to the benefits of partnership with the consent of all other partners.

B
A minor may be admitted to the benefits of partnership with no consent of other partners.

C
A minor may be admitted to the benefits of the consent of his partners.

D
A minor may be admitted to the benefits of partnership with the guarantee of his parents.

Solution

Option A is the correct answer.
Question 5
1 / -0

To admit a new Partner, unless there is a contract to the contrary, consent is required from _________.

A
all the existing Partners.

B
majority of the existing Partners.

C
any one of the existing Partner.

D
all the working Partners.

Solution

Option a is the correct answer.
Question 6
1 / -0

A Retiring Partner is entitled to Profits of the Firm?

A
Upto $$31^{st}$$ March

B
When last accounts is made up

C
Up to retirement date

D
Not entitled to any Profit.
Question 7
1 / -0

In case of a notice of dissolution in a Partnership at Will, where no date has been mentioned in the notice, the Firm is dissolved from ________.

A
the date decided by the Registrar of Firms.

B
the date as decided by the Partners.

C
the date when the notice is communicated.

D
the date mentioned in the notice of dissolution.
Question 8
1 / -0

No public notice is required on the death of a Partner.

A
True

B
Partly True

C
False

D
None of the above.

Solution

Option C is the correct answer.
Question 9
1 / -0

Retiring Partner may be discharged from liability to any third party for acts of Firm done before his retirement by ________.

A
an agreement made with such third party and the Partners of reconstituted Firm

B
implied from the course of dealing between the third party and reconstituted Firm after he had knowledge of the retirement

C
either (a) or (b)

D
both (a) and (b).
Question 10
1 / -0

Which of these acts are within the implied authority?

A
Settlement of accounts with third parties who deal with the Firm.

B
Open a bank account on behalf of the Firm in the Partner's own name.

C
Compromise or relinquish any claim or portion of claim by the Firm.

D
Submit to arbitration, a dispute relating to the business of the Firm.

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Steps involved in Establishing Business Test 25

Result

Steps involved in Establishing Business Test 25

Score

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Rank

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SHARING IS CARING

Question 1

no duration Period is Fixed

dissolved at the will of the Creditors

dissolved at the will of the Debtors

none of the above.

Solution

Question 2

in good faith

based on the contract between Partners

either (a) or (b)

both (a) and (b).

Question 3

All the partners are insolvent.

Firms business become unlawful.

All but not one become insolvent.

All of the above.

Question 4

A minor may be admitted to the benefits of partnership with the consent of all other partners.

A minor may be admitted to the benefits of partnership with no consent of other partners.

A minor may be admitted to the benefits of the consent of his partners.

A minor may be admitted to the benefits of partnership with the guarantee of his parents.

Solution

Question 5

all the existing Partners.

majority of the existing Partners.

any one of the existing Partner.

all the working Partners.

Solution

Question 6

Upto $$31^{st}$$ March

When last accounts is made up

Up to retirement date

Not entitled to any Profit.

Question 7

the date decided by the Registrar of Firms.

the date as decided by the Partners.

the date when the notice is communicated.

the date mentioned in the notice of dissolution.

Question 8

True

Partly True

False

None of the above.

Solution

Question 9

an agreement made with such third party and the Partners of reconstituted Firm

implied from the course of dealing between the third party and reconstituted Firm after he had knowledge of the retirement

either (a) or (b)

both (a) and (b).

Question 10

Settlement of accounts with third parties who deal with the Firm.

Open a bank account on behalf of the Firm in the Partner's own name.

Compromise or relinquish any claim or portion of claim by the Firm.

Submit to arbitration, a dispute relating to the business of the Firm.

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