Tag: partnership 1 - meaning, definition, characteristics and kinds

Questions Related to partnership 1 - meaning, definition, characteristics and kinds

The Court may not dissolve the firm in case of __________.

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. permanent in capability of a partner

  2. insanity of a partner

  3. misconduct of a partner

  4. retirement of a partenr

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Correct Option: D

Which of the following is/are disadvantage of partnership firm?

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. Unlimited Liability of partners.

  2. The duration of the partnership is always uncertain.

  3. The partners should be like minded, have a common objective, be large hearted, have a cool temperament should not unnecessarily cause friction and confusion among the partners.

  4. All of above

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Correct Option: D

Discharge of contract due to insolvency _____________________.

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. Discharge by mutual agreement

  2. Discharge by lapse of time

  3. Discharge by operation of law

  4. Discharge by impossibility.

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Correct Option: C

A partner of a trading or non trading firm signs a Negotiable instrument liability incurs in _____________.

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. The name of the firm

  2. In the name of partner

  3. Both a & b

  4. None of the above

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Correct Option: A

Which of these acts are within the implied authority?

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

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

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

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

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

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Correct Option: A

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

business organisation and correspondence partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

  1. in good faith

  2. based on the contract between Partners

  3. either (a) or (b)

  4. both (a) and (b).

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Correct Option: D