Partnership

The maximum number of partners that can enter into a partnership

• 20

• 30

• 10

• 50

What will happen if the number of partners in a partnership exceeds the maximum limit

Partnership is the result of an agreement between partners

• TRUE

• FALSE

In the absence of an agreement the profits must be shared in

• an agreed ratio

• equal ratio

• as and how partners want

• ratio shall be decided by court of law

Partnership firm has a legal entity seperate from that of the partners

• TRUE

• FALSE

How many clauses are there in the partnership deed

• 22

• 15

• 17

• 45

Registration of a partnership firm is not compulsary

• TRUE

• FALSE

____________is an agreement containing the terms and conditions of a partnership

If an unregistered firm owes Rs.1200 to A and A owes Rs. 1000 to the firm, Can the firm enforce adjustment of Rs.1000 in the court of law?

• YES

• NO

The Partnership act was passed in the year

• 1912

• 1922

• 1918

• 1932