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Steps involved in Establishing Business Test 35

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Steps involved in Establishing Business Test 35
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  • Question 1
    1 / -0
    Every partner is bound to attend ______ to his duties in the conduct of the business.
    Solution
    Every partner is bound to attend diligently to his duties in the conduct of the business. Every partner is an agent of the partnership firm. Individuals have to enter into a contract to become partners. The business in the partnership firm can be carred on by all the partners or any one of them acting for all.
  • Question 2
    1 / -0
    Partnership is an association of two or more individuals (but not more than 20) who agree to share the profits of a lawful business which is managed and carried on __________________.
    Solution
    Partnership is an association of 2 or more individuals but not more than 20 who agree to share the profits of a lawful business which is managed and carried on either by all or by any, or some of them acting for all. Partnership can be defined as a type of unincorporated business organization  in which multiple individuals, called general partners, manage the business and are equally liable for its debts' other individuals called limited partners may invest but not be directly involved in management and are liable only to the extent of their investments.
  • Question 3
    1 / -0
    The fate of sole proprietorship is connected to the sole proprietor. What does this convey about the sole proprietorship?
    Solution
    The fate of sole proprietorship is connected to the sole proprietor. This conveys about uncertain life about the sole proprietorship. In sole proprietorship type of business the single individual takes all initiatives and run the business. 'Sole' means singe and 'proprietorship' means ownership. The business organization in which the single owner owns, manages and controls all the activities of the business is known as sole proprietorship form of business organization.
  • Question 4
    1 / -0
    ____ is an association of 2 or more individuals but not more than 20 who agree to share the profits of a lawful business which is managed and carried on either by all or by any, or some of them acting for all.
    Solution
    Partnership is an association of 2 or more individuals but not more than 20 who agree to share the profits of a lawful business which is managed and carried on either by all or by any, or some of them acting for all. Partnership can be defined as a type of unincorporated business organization  in which multiple individuals, called general partners, manage the business and are equally liable for its debts' other individuals called limited partners may invest but not be directly involved in management and are liable only to the extent of their investments.
  • Question 5
    1 / -0
    True test of partnership is ______________.
    Solution
    True test of partnership is mutual agency. Partnership is an association of 2 or more individuals but not more than 20 who agree to share the profits of a lawful business which is managed and carried on either by all or by any, or some of them acting for all. Partnership can be defined as a type of unincorporated business organization  in which multiple individuals, called general partners, manage the business and are equally liable for its debts' other individuals called limited partners may invest but not be directly involved in management and are liable only to the extent of their investments.
  • Question 6
    1 / -0
    Which of the following are grounds for compulsory dissolution of the firm by court?
    Solution
    Insanity of a partner is one of the grounds for compulsory dissolution of the firm by court. Dissolution of partnership implies not only a complete closure or termination of partnership business but it also includes any change in the existing agreement among the partners due to a change in the number of partners.
  • Question 7
    1 / -0
    A new partner can be admitted in the firm with the consent of ___________________.
    Solution
    A new partner can be admitted in the firm with the consent of unanimous consent of all the partners. Admission of partner in the partnership firm and the share of the new partner is decided with the consent of the existing partners of the partnership entity. Every partner is an agent of the partnership firm.
  • Question 8
    1 / -0
    To bind the firm under implied authority, the act must be done in the _____________.
    Solution
    To bind the firm under implied authority, the act must be done in the usual way. Implied authority can be referred to an agent with the jurisdiction to perform acts which are reasonably necessary to accomplish the purpose of an organization. Under contract law, implied authority figures have the ability to make a legally binding contract on behalf of another person or company.
  • Question 9
    1 / -0
    Which of the following is a kind of partial consolidation?
    Solution
    It was a method of including income, expense, assets and liabilities in proportion to a firm's percentage of participation in a joint venture.Under U.S. generally accepted accounting principles (GAAP), a firm's interest in a joint venture is accounted for using the equity method.
  • Question 10
    1 / -0
    What is the maximum number of partners permissible for a firm carrying on general business?
    Solution
    Option C is the correct answer.
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