M.Law: Partnership Act 1932

The maximum number of partners is mentioned in:

• The Partnership Act

• The Companies Act

• The General Clauses Act

• The Societies Registration Act.

In the absence of agreement to the contrary all partners are:

• not entitled to share profits

• entitled to share in capital ratio

• entitled to share in proportion to their ages

• entitled to share profits equally.

A partnership at will is one:

• which does not have any deed

• which can be terminated by a notice from any partner

• which cannot be dissolved.

• which does not have any partner

Each of the partner is _________

• only agent of the firm

• only co-partner of the firm.

• only representative of the firm

• principal as well as an agent of the firm

The Indian partnership act came into force on

• 1 st October,1932

• 1 st July, 1930

• 1 st October,1930

• 1 st September, 1932

An unregistered firm cannot claim ________

• True

• False

• Partly True

• Partly False

Which of the following statements, about the registration of firm, is not true?

• it may be done at the time of formation

• it may be done at any time after its formation.

• it may be done before filing a suit against third party

• it must be done at the time of its formation

The registration of the firm is considered complete when

• Registrar files the statement and makes entries in the Register of firms

• application for registration complete in all respects is filed with the Registrar

• Court records the statement and certifies the entries in the Register of firms.

• Registrar gives notice of registration to all partners

Which of the following is not disability of an unregistered firm?

• it cannot claim a set-off exceeding Rs.100/-

• it cannot file a suit against third parties

• it can be sued by a third party

• its partners cannot files a suit against a firm

Rishi and Irfan have entered into a partnership agreement and the partnership deed provides neither for the duration nor for the determination of partnership. This type of partnership is commonly known as......................

• partnership at will

• partnership for a fixed term

• particular partnership

• any of the above.