The Indian Partnership Act, 1932 – Relation of Partners 0 The Indian Partnership Act, 1932 - Relation of Partners 1 / 31 Q.30 Identify the correct sentence a minor can be a beneficiary a minor can be admitted to the benefits of a partnership a minor cannot plead minority a minor can be held liable in tort 2 / 31 Q.29 Every partner is bound to attend ____to his duties ,in the conduct of the business systematically diligently sincerely effectively 3 / 31 Q.28 On attaining majority, which statement is correct ? a minor cannot become a partner a minor can become a partner a minor becomes liable with retrospective effect All of these 4 / 31 Q.27 It is the duty of every partner to share in equal proportion the losses suffered by the firm TRUE Partly True FALSE None of these 5 / 31 Q.26 Which of the following partners are not liable in relation to the firm ? partner by holding out working partner sub-partner partner by estopple 6 / 31 Q.25 Partners are bound to carry on the business of the firm to the advantage of the working partner for reasonable advantage for the advantage of the minor partners to the greatest common advantage 7 / 31 Q.24 Which of the following statements is incorrect when the minor elects not to become a partner ? his rights & liabilities continue to be those of a minor upto the date of giving public notice his share is not liable for any acts of the firm done after the date of notice he is entitle to sue the partners for his share in the profit & property he becomes personality liable for all acts with retrospective effect from the date of his admission 8 / 31 Q.23 A partner who receives certain remuneration from the firm as per the express agreement ,becomes an employee of the firm TRUE Partly True FALSE None of these 9 / 31 Q.22 Every partner cannot participate in the conduct of the business TRUE Partly True FALSE None of these 10 / 31 Q.21 Does the assignees of a partner's interest by sale, mortgage or otherwise enjoy the same rights & privileges as the original partner ? Yes NO partly Yes None of these 11 / 31 Q.20 The rule of estoppels implies that a person who holds himself out to be partner can claim innocence & claim that he was misrepresented as a partner can claim that he is a real partner in the firm is estopped from denying that he was represented as a partner is estopped from admitting liability to third parties 12 / 31 Q.19 A partner is liable for all acts of the firm done while he is a partner jointly with all the other partners severally Both (a) & (b) none of these 13 / 31 Q.18 In case of partnership at will a partner is Not entitled to any remuneration entitled to remuneration entitled to remuneration with the consent of other partners entitled to remuneration as profit 14 / 31 Q.17 A minor may be a partner of a firm may not be a partner of a firm may be a partner for the benefit of the partner Any of these 15 / 31 Q.16 A person may be admitted to a firm with consent of all the existing partners with consent of all the existing partners subject to the provision of the act with consent of all the existing partners subject to the provision of the act & the partnership deed Any of these 16 / 31 Q.15 A partner shall pay to the firm any profit made by him if he carries on the business of the same nature as of the firm if he carries on the business of the same nature competing with the firm Both (a) & (b) none of these 17 / 31 Q.14 A partner shall pay to the firm any profit derived by him from any transaction of the firm from the use of the property of the firm from the business using the firm name All of these 18 / 31 Q.13 When no specific provision is provided in the partnership deed ,the firm shall indemnify a partner in respect of payment made by him shall indemnify a partner in respect of liabilities incurred by him Both (a) & (b) none of these 19 / 31 Q.12 When no specific provision is provided in the partnership deed ,the partner shall not be entitled to any remuneration for conducting the business of the firm are entitled to share the profits equally are entitled to contribute to the losses sustained by the firm equally All of these 20 / 31 Q.11 A partner of a firm by providing the partnership deed shall not carry on any business other than of the firm while he is a partner may carry on any business other than of the firm while he is a partner may carry on any business similar to that of the firm while he is a partner may not carry on any business similar to that of the firm while he is a partner 21 / 31 Q.10 In absence of any agreement a partner are entitled to share the profits Equally In the ratio of capital In the ratio of time spent None of these 22 / 31 Q.9 Any difference arising as to ordinary matters connected with the business may be decided by Active partner majority of the partners nominal partner All of these 23 / 31 Q.8 A minor with the consent of all the partners for the time being may be admitted to the benefits of partnership may not be admitted to the benefits of partnership shall not be admitted to the benefits of partnership Any of these 24 / 31 Q.7 With the powers conferred by contract between the partners ,majority of the partner may expel a partner cannot expel a partner shall not expel a partner Any of these 25 / 31 Q.7 With the powers conferred by contract between the partners ,majority of the partner may expel a partner cannot expel a partner shall not expel a partner Any of these 26 / 31 Q.6 Partner by holding out' is explained in section 10 17 28 30 27 / 31 Q.5 The liabilities of a minor in a partnership is limited to his share of the profit & property in the firm is similar as that of any other partner in the firm is unlimited Any of these 28 / 31 Q.4 On attaining majority if a minor elects to become partner, he will be liable for the debts of the firm from the date of admission as a minor partner from the date of attaining majority from the date of public notice as may be decided by other partners 29 / 31 Q.3 Expulsion of partner Right to carry on competing business BY majority of partner Application of Garner v /s Murray No public notice required 30 / 31 Q.2 Which of the following is not true , about minor partner's position ; 1.He cannot become a partner in a new firm , 2 . He can become a partner in a existing firm , 3. He can become a partner on becoming majority , 4 . He has to bear all the liabilities 1 & 2 2 & 4 3 & 4 1 & 3 31 / 31 Q.1 Which of the following is true , about minor partner's position He cannot become a partner in an existing firm He cannot become a partner in an new firm He can be admitted only to the benefits of an existing firm He can become a partner on becoming a major Your score is LinkedIn Facebook Twitter VKontakte
