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All questions of Forms of Business Organisations for Commerce Exam
Which of the following statement is NOT true about a minor partner?- a)He has to bear losses also
- b)He can inspect books of accounts
- c)He has an option to continue with a firm even after attaining majority
- d)He shares only profits.
Correct answer is option 'A'. Can you explain this answer?
Which of the following statement is NOT true about a minor partner?
a)
He has to bear losses also
b)
He can inspect books of accounts
c)
He has an option to continue with a firm even after attaining majority
d)
He shares only profits.
|
Akshara Chopra answered |
Minor Partner in a Partnership Firm
A minor partner is one who is under the age of 18 and above 12 years. Here are some statements that are true about a minor partner:
• He can share profits: A minor partner is entitled to share in the profits of the partnership firm.
• He can inspect books of accounts: A minor partner has the right to inspect the books of accounts of the partnership firm.
• He has an option to continue with a firm even after attaining majority: A minor partner has the option to continue with the partnership firm even after attaining the age of 18 years.
However, the statement that is not true about a minor partner is:
• He has to bear losses also: This statement is not true as a minor partner is not liable for any losses incurred by the partnership firm. The liability of a minor partner is limited to the extent of his investment in the partnership firm.
Conclusion:
A minor partner is an important member of a partnership firm, and he enjoys certain rights and privileges. However, he is not liable for the losses incurred by the firm, and his liability is limited to his investment in the firm.
A minor partner is one who is under the age of 18 and above 12 years. Here are some statements that are true about a minor partner:
• He can share profits: A minor partner is entitled to share in the profits of the partnership firm.
• He can inspect books of accounts: A minor partner has the right to inspect the books of accounts of the partnership firm.
• He has an option to continue with a firm even after attaining majority: A minor partner has the option to continue with the partnership firm even after attaining the age of 18 years.
However, the statement that is not true about a minor partner is:
• He has to bear losses also: This statement is not true as a minor partner is not liable for any losses incurred by the partnership firm. The liability of a minor partner is limited to the extent of his investment in the partnership firm.
Conclusion:
A minor partner is an important member of a partnership firm, and he enjoys certain rights and privileges. However, he is not liable for the losses incurred by the firm, and his liability is limited to his investment in the firm.
A person who is not a partner in a firm but knowingly allows himself to be represented as a partner in a firm is called _______- a)Partner by holding out
- b)Sleeping partner
- c)Active partner
- d)Nominal partner
Correct answer is option 'A'. Can you explain this answer?
A person who is not a partner in a firm but knowingly allows himself to be represented as a partner in a firm is called _______
a)
Partner by holding out
b)
Sleeping partner
c)
Active partner
d)
Nominal partner
|
Arun Yadav answered |
Partner by holding out (Section 28)
Partnership by holding out is also called as a partnership by estoppel. This is when an individual holds himself out as a partner or allows others to do so, the person is then stopped from denying the character he has assumed and upon the faith of which creditors may be presumed to have acted. When an individual represents himself or knowingly permits himself, to be represented as a partner in a partnership firm (when in fact he is not) he is liable, like a partner in the firm to anyone who on the faith of such representation, had given credit to the firm.
The maximum number of partners allowed in the banking business are
a)Tenb)Twoc)Twentyd)No limitCorrect answer is option 'C'. Can you explain this answer?
|
|
Aryan Khanna answered |
Correct Answer :- c
Explanation : As per the Companies Act, 2013 the maximum number of members in a partnership firm is 100. The minimum number of partners should be atleast 2. The maximum number of members for a firm carrying banking business is 10.
The maximum number of partners allowed in the banking business are- a)Ten
- b)No limit
- c)Twenty
- d)Two.
Correct answer is option 'A'. Can you explain this answer?
The maximum number of partners allowed in the banking business are
a)
Ten
b)
No limit
c)
Twenty
d)
Two.
|
Ishan Choudhury answered |
The correct answer is 10 .The new Companies Act 2013 has prescribed the maximum number of members in case of a partnership firm should not be more than 100 in case of partnerships. As per the previous Companies Act 1956, the maximum limit in case of partnerships was 10 and 20 for banking business and other businesses respectively.
Profits do not have to be shared. This statement refers to- a)Company
- b)Joint Hindu family business
- c)Partnership
- d)Sole proprietorship
Correct answer is option 'D'. Can you explain this answer?
Profits do not have to be shared. This statement refers to
a)
Company
b)
Joint Hindu family business
c)
Partnership
d)
Sole proprietorship
|
|
Arjun Singhania answered |
Sole proprietorship refers to a form of organization where business is owned, managed and controlled by a single individual who bears all the risks and is the only recipient of all the profits.
A partner whose association with the firm is unknown to the general public is called- a)Active partner
- b)Nominal partner
- c)Secret partner
- d)Sleeping partner
Correct answer is option 'C'. Can you explain this answer?
A partner whose association with the firm is unknown to the general public is called
a)
Active partner
b)
Nominal partner
c)
Secret partner
d)
Sleeping partner
|
Sounak Chaudhary answered |
A secret partner is one whose association with the firm is unknown to the general public. He is like the rest of the partners in all other aspects.
In case of ___________ Registration is compulsory- a)Partnership
- b)Sole Proprietorship
- c)Company
- d)None of these
Correct answer is option 'C'. Can you explain this answer?
In case of ___________ Registration is compulsory
a)
Partnership
b)
Sole Proprietorship
c)
Company
d)
None of these
|
Divya Soni answered |
Company's registration is compulsory
The karta in Joint Hindu family business has- a)Limited liability
- b)No liability for debts
- c)Unlimited liability
- d)Joint liability
Correct answer is option 'C'. Can you explain this answer?
The karta in Joint Hindu family business has
a)
Limited liability
b)
No liability for debts
c)
Unlimited liability
d)
Joint liability
|
|
Alok Mehta answered |
The is the eldest male member of a Joint Hindu family who is responsible for decision making in the family business. He needs no permission from the coparceners (joint heirs) before taking any action. Since the has complete control over the business, his liability is unlimited. On the other hand, the liability of all coparceners is limited to their share in the family business.
__________ company does not invite public to subscribe to its share capital- a)Both Private and Public Company
- b)Public Company
- c)Private Company
- d)None of these
Correct answer is option 'C'. Can you explain this answer?
__________ company does not invite public to subscribe to its share capital
a)
Both Private and Public Company
b)
Public Company
c)
Private Company
d)
None of these
|
Gauri Kaur answered |
Private Company does not invite public to subscribe to its share capital
Explanation:
A private company is a type of company formed privately by a group of individuals, and it is not open to the public to subscribe to its share capital. The following are the reasons why private companies do not invite the public to subscribe to their share capital:
1. Limited number of shareholders: Private companies have a limited number of shareholders, and they do not offer their shares to the public. The shareholders of a private company are usually family members or close friends.
2. No need for public funding: Private companies are not required to raise capital from the public. They can raise capital from their shareholders or from banks and financial institutions.
3. Avoiding public scrutiny: Private companies prefer to avoid public scrutiny as they are not required to disclose their financial and other business information to the public.
4. Control: Private companies prefer to maintain control over their business and do not want to dilute their ownership by offering shares to the public.
In conclusion, private companies do not invite the public to subscribe to their share capital as they prefer to maintain control over their business, avoid public scrutiny, and raise capital from their shareholders or from banks and financial institutions.
Explanation:
A private company is a type of company formed privately by a group of individuals, and it is not open to the public to subscribe to its share capital. The following are the reasons why private companies do not invite the public to subscribe to their share capital:
1. Limited number of shareholders: Private companies have a limited number of shareholders, and they do not offer their shares to the public. The shareholders of a private company are usually family members or close friends.
2. No need for public funding: Private companies are not required to raise capital from the public. They can raise capital from their shareholders or from banks and financial institutions.
3. Avoiding public scrutiny: Private companies prefer to avoid public scrutiny as they are not required to disclose their financial and other business information to the public.
4. Control: Private companies prefer to maintain control over their business and do not want to dilute their ownership by offering shares to the public.
In conclusion, private companies do not invite the public to subscribe to their share capital as they prefer to maintain control over their business, avoid public scrutiny, and raise capital from their shareholders or from banks and financial institutions.
A company cannot came into existence without- a)Issuing prospectus
- b)Electing directors
- c)Certificate of incorporation
- d)All of the options.
Correct answer is option 'A'. Can you explain this answer?
A company cannot came into existence without
a)
Issuing prospectus
b)
Electing directors
c)
Certificate of incorporation
d)
All of the options.
|
Ujwal Patel answered |
Issuing Prospectus is necessary for the existence of a company
Introduction:
Starting a company requires a lot of legal formalities to be completed before it can begin operations. One of the most important requirements is the issuance of a prospectus, which is a document that provides all the relevant information about the company to potential investors.
What is a Prospectus?
A prospectus is a legal document that contains all the relevant information about a company that is planning to offer its shares to the public. It includes details such as the company's business model, financial statements, management structure, and future plans. The Securities and Exchange Board of India (SEBI) has laid down strict guidelines for the preparation and issuance of prospectuses, which must be followed by all companies.
Why is a Prospectus important?
A prospectus is important because it provides potential investors with all the relevant information they need to make an informed decision about whether to invest in a company or not. It also helps the company to raise capital by attracting investors who are interested in the company's business model, financial performance, and future prospects.
Legal Requirements for Issuing a Prospectus:
SEBI has laid down strict guidelines for the preparation and issuance of prospectuses. These guidelines are designed to protect investors from fraudulent companies and ensure that they have access to all the relevant information about a company before investing in it. Some of the legal requirements for issuing a prospectus are:
- The prospectus must be approved by SEBI before it can be issued to the public.
- The prospectus must contain all the relevant information about the company, including its business model, financial statements, management structure, and future plans.
- The prospectus must be written in clear and simple language that can be easily understood by potential investors.
- The prospectus must be filed with the Registrar of Companies before it can be issued to the public.
Conclusion:
Issuing a prospectus is a necessary step in the process of starting a company. It provides potential investors with all the relevant information they need to make an informed decision about whether to invest in the company or not. Companies need to comply with SEBI guidelines for the preparation and issuance of prospectuses to ensure that they are transparent and provide investors with accurate information.
Introduction:
Starting a company requires a lot of legal formalities to be completed before it can begin operations. One of the most important requirements is the issuance of a prospectus, which is a document that provides all the relevant information about the company to potential investors.
What is a Prospectus?
A prospectus is a legal document that contains all the relevant information about a company that is planning to offer its shares to the public. It includes details such as the company's business model, financial statements, management structure, and future plans. The Securities and Exchange Board of India (SEBI) has laid down strict guidelines for the preparation and issuance of prospectuses, which must be followed by all companies.
Why is a Prospectus important?
A prospectus is important because it provides potential investors with all the relevant information they need to make an informed decision about whether to invest in a company or not. It also helps the company to raise capital by attracting investors who are interested in the company's business model, financial performance, and future prospects.
Legal Requirements for Issuing a Prospectus:
SEBI has laid down strict guidelines for the preparation and issuance of prospectuses. These guidelines are designed to protect investors from fraudulent companies and ensure that they have access to all the relevant information about a company before investing in it. Some of the legal requirements for issuing a prospectus are:
- The prospectus must be approved by SEBI before it can be issued to the public.
- The prospectus must contain all the relevant information about the company, including its business model, financial statements, management structure, and future plans.
- The prospectus must be written in clear and simple language that can be easily understood by potential investors.
- The prospectus must be filed with the Registrar of Companies before it can be issued to the public.
Conclusion:
Issuing a prospectus is a necessary step in the process of starting a company. It provides potential investors with all the relevant information they need to make an informed decision about whether to invest in the company or not. Companies need to comply with SEBI guidelines for the preparation and issuance of prospectuses to ensure that they are transparent and provide investors with accurate information.
At least 10 adults, no maximum limit in case of ________- a)Joint Hindu Family
- b)Cooperative Society
- c)Company
- d)Partnership
Correct answer is option 'B'. Can you explain this answer?
At least 10 adults, no maximum limit in case of ________
a)
Joint Hindu Family
b)
Cooperative Society
c)
Company
d)
Partnership
|
Ruchi Basak answered |
Cooperative Society
A cooperative society is an association of individuals who come together voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. It is a form of business organization that is owned and controlled by its members who have equal voting rights.
Minimum and Maximum Members
In the case of a cooperative society, there is a minimum and maximum limit on the number of members. The minimum number of members required to form a cooperative society is ten in India. However, there is no maximum limit on the number of members in a cooperative society.
Advantages of Cooperative Society
1. Democratic Control: Cooperative societies are democratically controlled by their members who have equal voting rights.
2. Limited Liability: The liability of the members is limited to the extent of their share capital in the cooperative society.
3. Economic Viability: Cooperative societies are economically viable as they are not driven by profit motives but by the needs and aspirations of their members.
4. Social Benefits: Cooperative societies provide social benefits to their members by promoting education, health, and other social activities.
5. Tax Benefits: Cooperative societies enjoy tax benefits in the form of exemptions and deductions from income tax.
Conclusion
In conclusion, a cooperative society is a form of business organization that has a minimum requirement of ten members and no maximum limit on the number of members. It is owned and controlled by its members who have equal voting rights. Cooperative societies provide economic, social, and tax benefits to their members and are an important part of the Indian economy.
A cooperative society is an association of individuals who come together voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. It is a form of business organization that is owned and controlled by its members who have equal voting rights.
Minimum and Maximum Members
In the case of a cooperative society, there is a minimum and maximum limit on the number of members. The minimum number of members required to form a cooperative society is ten in India. However, there is no maximum limit on the number of members in a cooperative society.
Advantages of Cooperative Society
1. Democratic Control: Cooperative societies are democratically controlled by their members who have equal voting rights.
2. Limited Liability: The liability of the members is limited to the extent of their share capital in the cooperative society.
3. Economic Viability: Cooperative societies are economically viable as they are not driven by profit motives but by the needs and aspirations of their members.
4. Social Benefits: Cooperative societies provide social benefits to their members by promoting education, health, and other social activities.
5. Tax Benefits: Cooperative societies enjoy tax benefits in the form of exemptions and deductions from income tax.
Conclusion
In conclusion, a cooperative society is a form of business organization that has a minimum requirement of ten members and no maximum limit on the number of members. It is owned and controlled by its members who have equal voting rights. Cooperative societies provide economic, social, and tax benefits to their members and are an important part of the Indian economy.
The board of directors of a joint stock company is elected by- a)Employees
- b)Government bodies
- c)Shareholders
- d)General public
Correct answer is option 'C'. Can you explain this answer?
The board of directors of a joint stock company is elected by
a)
Employees
b)
Government bodies
c)
Shareholders
d)
General public
|
Sai Kulkarni answered |
The Shareholders Meeting of a joint stock company (JSC) has the authority to appoint and dismiss members of the Board of Directors. Appointment of a Board Member must be conducted through cumulative voting. Under cumulative voting principle, whenever a JSC elects new Board Members, each shareholder will have a number of votes equal to the number of new Board Members to be elected times the number of voting shares held by such shareholder and such shareholder may cash all or some of his/her votes for any candidate.
________is not legally required to publish its accounts and submit its reports.- a)Public Company
- b)Partnership
- c)Listed Company
- d)Government Company
Correct answer is option 'B'. Can you explain this answer?
________is not legally required to publish its accounts and submit its reports.
a)
Public Company
b)
Partnership
c)
Listed Company
d)
Government Company
|
Vikas Kapoor answered |
According to Partnership Act 1932, A Partnership Firm can be formed by two or more persons with (or) without registration of the firm. If the firm is registered with the consent of all the partners they have to publish their accounts and submit its report to the registar of firms of that particular state. In case if the firm is not registered then they don't need to submit their accounts to the legal authority.
Which of the following is not a feature of Joint Stock Company?- a)Artificial person
- b)Separate legal entity
- c)Formation
- d)Lack of business continuity
Correct answer is option 'D'. Can you explain this answer?
Which of the following is not a feature of Joint Stock Company?
a)
Artificial person
b)
Separate legal entity
c)
Formation
d)
Lack of business continuity
|
Maheshwar Chawla answered |
Features of Joint Stock Company
Artificial Person: A Joint Stock Company is an artificial person created by law. It has a separate legal existence from its members and can own property, enter into contracts, and sue or be sued in its own name.
Separate Legal Entity: A Joint Stock Company is a separate legal entity from its members, which means that the liability of the members is limited to the amount of their investment in the company. The company can also own property, enter into contracts, and sue or be sued in its own name.
Formation: A Joint Stock Company is formed by a process of registration with the government. The company has to comply with various legal formalities, such as filing of documents, payment of fees, and obtaining approvals from regulatory authorities.
Lack of Business Continuity: This is not a feature of a Joint Stock Company. In fact, a Joint Stock Company has perpetual succession, which means that its existence is not affected by changes in its membership. The company can continue to exist even if one or more of its members die or resign.
Conclusion:
In conclusion, the correct answer is D, lack of business continuity, as it is not a feature of a Joint Stock Company. A Joint Stock Company has perpetual succession and can continue to exist even if its members change.
Artificial Person: A Joint Stock Company is an artificial person created by law. It has a separate legal existence from its members and can own property, enter into contracts, and sue or be sued in its own name.
Separate Legal Entity: A Joint Stock Company is a separate legal entity from its members, which means that the liability of the members is limited to the amount of their investment in the company. The company can also own property, enter into contracts, and sue or be sued in its own name.
Formation: A Joint Stock Company is formed by a process of registration with the government. The company has to comply with various legal formalities, such as filing of documents, payment of fees, and obtaining approvals from regulatory authorities.
Lack of Business Continuity: This is not a feature of a Joint Stock Company. In fact, a Joint Stock Company has perpetual succession, which means that its existence is not affected by changes in its membership. The company can continue to exist even if one or more of its members die or resign.
Conclusion:
In conclusion, the correct answer is D, lack of business continuity, as it is not a feature of a Joint Stock Company. A Joint Stock Company has perpetual succession and can continue to exist even if its members change.
The form of business organization that has the largest sales volume is the:- a)partnership
- b)corporation
- c)cooperative
- d)multinational
Correct answer is option 'B'. Can you explain this answer?
The form of business organization that has the largest sales volume is the:
a)
partnership
b)
corporation
c)
cooperative
d)
multinational
|
Jayant Mishra answered |
CORRECT OPTION IS (B) Forms of Business OrganizationThese are the basic forms of business ownership:1. Sole ProprietorshipA sole proprietorship is a business owned by only one person. It is easy to set-up and is the least costly among all forms of ownership.The owner faces unlimited liability; meaning, the creditors of the business may go after
The life of sole proprietorship business is ___________- a)Very short life
- b)Stable
- c)Long life
- d)Unstable
Correct answer is option 'D'. Can you explain this answer?
The life of sole proprietorship business is ___________
a)
Very short life
b)
Stable
c)
Long life
d)
Unstable
|
Naveen Choudhary answered |
The life of sole proprietorship business is unstable.
Explanation:
A sole proprietorship is a type of business where an individual owns and operates the business. The life of a sole proprietorship business is dependent on several factors, such as the owner's skills, business strategies, economic conditions, and competition in the market. Here are some reasons why the life of sole proprietorship business is unstable:
1. Unlimited Liability: In a sole proprietorship, the owner is personally liable for all the debts and obligations of the business. If the business incurs a substantial loss, the owner may have to liquidate their personal assets to pay off the debts. This can lead to the closure of the business.
2. Lack of Continuity: A sole proprietorship business is dependent on the owner's skills and knowledge. If the owner becomes ill or dies, the business may not continue to operate. This lack of continuity can lead to the closure of the business.
3. Limited Resources: Sole proprietorship businesses often have limited resources compared to larger companies. This can make it challenging to compete with larger companies or expand the business. If the business cannot survive in the market, it may have to close down.
4. Limited Access to Capital: Sole proprietorship businesses may find it challenging to raise capital for investments or expansion. Banks may be hesitant to lend money to small businesses with uncertain futures, making it difficult for the business to grow.
5. Increased Competition: Sole proprietorship businesses may face increased competition in the market. If the business cannot compete with other companies, it may have to close down.
These factors make the life of sole proprietorship business unstable, and the business may not survive for a long time.
Explanation:
A sole proprietorship is a type of business where an individual owns and operates the business. The life of a sole proprietorship business is dependent on several factors, such as the owner's skills, business strategies, economic conditions, and competition in the market. Here are some reasons why the life of sole proprietorship business is unstable:
1. Unlimited Liability: In a sole proprietorship, the owner is personally liable for all the debts and obligations of the business. If the business incurs a substantial loss, the owner may have to liquidate their personal assets to pay off the debts. This can lead to the closure of the business.
2. Lack of Continuity: A sole proprietorship business is dependent on the owner's skills and knowledge. If the owner becomes ill or dies, the business may not continue to operate. This lack of continuity can lead to the closure of the business.
3. Limited Resources: Sole proprietorship businesses often have limited resources compared to larger companies. This can make it challenging to compete with larger companies or expand the business. If the business cannot survive in the market, it may have to close down.
4. Limited Access to Capital: Sole proprietorship businesses may find it challenging to raise capital for investments or expansion. Banks may be hesitant to lend money to small businesses with uncertain futures, making it difficult for the business to grow.
5. Increased Competition: Sole proprietorship businesses may face increased competition in the market. If the business cannot compete with other companies, it may have to close down.
These factors make the life of sole proprietorship business unstable, and the business may not survive for a long time.
In a cooperative society the principle followed is- a)No vote
- b)One man one vote
- c)One share one vote
- d)Multiple votes
Correct answer is option 'B'. Can you explain this answer?
In a cooperative society the principle followed is
a)
No vote
b)
One man one vote
c)
One share one vote
d)
Multiple votes
|
|
Vikas Kapoor answered |
One man one vote principle is followed by cooperative society. Cooperative society is established for social welfare. So it does not follow such rules that are based on wealth.As our country's construction says one man one vote is followed by cooperative society.
Can you explain the answer of this question below:This a MCQ (Multiple Choice Question) based practice test of Chapter 2 - Forms of Business Organisations of Business Studies of Class XI (11) for the quick revision/preparation of School Board examinations
Q The structure in which there is separation of ownership and management as per law is called
- A:
All business organisations
- B:
Company
- C:
Partnership
- D:
Sole proprietorship
The answer is B.
This a MCQ (Multiple Choice Question) based practice test of Chapter 2 - Forms of Business Organisations of Business Studies of Class XI (11) for the quick revision/preparation of School Board examinations
Q The structure in which there is separation of ownership and management as per law is called
All business organisations
Company
Partnership
Sole proprietorship
|
Priya Patel answered |
The management and control of the affairs of the company is undertaken by the Board of Directors, which appoints the top management officials to the business. The managers are accountable to shareholders who are the owners of the company.
Partnership comes to an end in case of __________- a)Death of a partner
- b)Insolvency
- c)Retirement of a partner
- d)All of these
Correct answer is option 'D'. Can you explain this answer?
Partnership comes to an end in case of __________
a)
Death of a partner
b)
Insolvency
c)
Retirement of a partner
d)
All of these
|
Om Kumar answered |
Partnership comes to an end in case of:
Death of a partner:
When a partner in a partnership firm dies, the partnership automatically comes to an end. This is because a partnership is based on the mutual agreement and trust between the partners, and the death of a partner affects the continuity of the partnership. In such a case, the remaining partners may choose to dissolve the partnership or reconstitute it by admitting a new partner.
Insolvency:
If a partner becomes insolvent, it can lead to the dissolution of the partnership. Insolvency refers to the inability of a partner to pay his/her debts when they become due. In such a situation, the other partners may decide to dissolve the partnership in order to protect their own interests and avoid any liabilities arising from the insolvent partner.
Retirement of a partner:
When a partner decides to retire from the partnership, it can also lead to the end of the partnership. Retirement typically involves the withdrawal of a partner from the business and the settlement of their accounts. The remaining partners may choose to dissolve the partnership or reconstitute it by admitting a new partner in place of the retiring partner.
All of these:
The correct answer is option 'D' - all of these. This is because any one of these events - death of a partner, insolvency of a partner, or retirement of a partner - can lead to the dissolution of the partnership. Each of these events disrupts the continuity and mutual agreement between the partners, making it necessary to either dissolve the partnership or reconstitute it.
In conclusion, partnership comes to an end in case of the death of a partner, insolvency of a partner, or retirement of a partner. These events disrupt the continuity and mutual agreement between the partners, leading to the dissolution of the partnership.
Death of a partner:
When a partner in a partnership firm dies, the partnership automatically comes to an end. This is because a partnership is based on the mutual agreement and trust between the partners, and the death of a partner affects the continuity of the partnership. In such a case, the remaining partners may choose to dissolve the partnership or reconstitute it by admitting a new partner.
Insolvency:
If a partner becomes insolvent, it can lead to the dissolution of the partnership. Insolvency refers to the inability of a partner to pay his/her debts when they become due. In such a situation, the other partners may decide to dissolve the partnership in order to protect their own interests and avoid any liabilities arising from the insolvent partner.
Retirement of a partner:
When a partner decides to retire from the partnership, it can also lead to the end of the partnership. Retirement typically involves the withdrawal of a partner from the business and the settlement of their accounts. The remaining partners may choose to dissolve the partnership or reconstitute it by admitting a new partner in place of the retiring partner.
All of these:
The correct answer is option 'D' - all of these. This is because any one of these events - death of a partner, insolvency of a partner, or retirement of a partner - can lead to the dissolution of the partnership. Each of these events disrupts the continuity and mutual agreement between the partners, making it necessary to either dissolve the partnership or reconstitute it.
In conclusion, partnership comes to an end in case of the death of a partner, insolvency of a partner, or retirement of a partner. These events disrupt the continuity and mutual agreement between the partners, leading to the dissolution of the partnership.
As per the _________ partnership business can be carried on by all the partners or any one of the partners can act for all.- a)Compulsory Registration of partnership
- b)Unlimited liability
- c)Limited liability
- d)Mutual Agency
Correct answer is option 'D'. Can you explain this answer?
As per the _________ partnership business can be carried on by all the partners or any one of the partners can act for all.
a)
Compulsory Registration of partnership
b)
Unlimited liability
c)
Limited liability
d)
Mutual Agency
|
Nandini Iyer answered |
MUTUAL AGENCY IN A PARTNERSHIP
The fifth element in the definition of partnership provides that the business must be carried on by all the partners or any (one or more) of them acting for them all, i.e. there must be a mutual agency.
Thus, every partner, is both an agent and principal for himself and other partners, i.e. he can bind by his acts the other persons and can be bound by the acts of other partners. The importance of the element of mutual agency lies in the fact that it enables every partner to carry on the business on behalf of others.
Which of the following contract is signed by the promoters with the third party on behalf of the proposed company?- a)Preliminary contracts
- b)Provisional contract
- c)Prospectus
- d)Memorandum of association
Correct answer is option 'A'. Can you explain this answer?
Which of the following contract is signed by the promoters with the third party on behalf of the proposed company?
a)
Preliminary contracts
b)
Provisional contract
c)
Prospectus
d)
Memorandum of association
|
|
Naina Sharma answered |
Preliminary contracts are contracts entered into by the promoters on behalf of the company before its incorporation with third parties. They generally enter into these contracts as agents or trustees of the company, which has not yet come into existence.
A prospectus is issued by- a)Public company
- b)Private company
- c)Statutory Corporation
- d)Departmental undertaking
Correct answer is option 'A'. Can you explain this answer?
A prospectus is issued by
a)
Public company
b)
Private company
c)
Statutory Corporation
d)
Departmental undertaking
|
|
Priya Patel answered |
A prospectus is a document issued by the company inviting the public and investors for the subscription of its securities. A Prospectus is required to be issued only after the incorporation of the company. These documents describe stocks, bonds and other types of securities offered by the company.
The capital of a company is divided into number of parts each one of which are called- a)Dividend
- b)Profit
- c)Interest
- d)Share
Correct answer is option 'D'. Can you explain this answer?
The capital of a company is divided into number of parts each one of which are called
a)
Dividend
b)
Profit
c)
Interest
d)
Share
|
|
Arjun Singhania answered |
Shares are units of ownership interest in a corporation or financial asset that provide for an equal distribution in any profits, if any are declared, in the form of dividends. The two main types of shares are common shares and preferred shares. Physical paper stock certificates have been replaced with electronic recording of stock shares, just as mutual fund shares are recorded electronically.
Which of the following cooperative society is established to help small producers in selling their products?
- a)Marketing cooperative society
- b)Producer cooperative society
- c)Credit cooperative society
- d)Consumers cooperative society
Correct answer is option 'A'. Can you explain this answer?
Which of the following cooperative society is established to help small producers in selling their products?
a)
Marketing cooperative society
b)
Producer cooperative society
c)
Credit cooperative society
d)
Consumers cooperative society
|
Kiran Mehta answered |
These societies are formed to help the small producers in selling their products. Its members are the producers who want to obtain reasonable price for their output. ... The society also performs various marketing functions like transportation, warehousing, grading, etc.
A person who allows the use of his name by a firm, but does not contribute to its capital is called ___________- a)Active partner
- b)Nominal Partner
- c)Dormant partner
- d)None of these
Correct answer is option 'B'. Can you explain this answer?
A person who allows the use of his name by a firm, but does not contribute to its capital is called ___________
a)
Active partner
b)
Nominal Partner
c)
Dormant partner
d)
None of these
|
|
Poonam Reddy answered |
Nominal Partner: A person who is of great reputation in the market and lends his name to the firm is known as Nominal Partner. Such a partner neither contributes capital nor takes part in the management of business of the firm.
________ company needs to have only two directors.- a)Public Company
- b)Sole Proprietorship
- c)Private Company
- d)None of these
Correct answer is option 'C'. Can you explain this answer?
________ company needs to have only two directors.
a)
Public Company
b)
Sole Proprietorship
c)
Private Company
d)
None of these
|
|
Ujwal Patel answered |
Private Company needs to have only two directors
Private Company: A Private Company is a type of company that is privately held by a small group of individuals. In a Private Company, the shareholders are restricted from publicly trading shares.
Directors: A Director is someone who is responsible for the management and administration of a company. Directors are appointed by the shareholders of the company.
Number of Directors: The number of directors required for a company depends on the type of company. In the case of a Private Company, it needs to have only two directors.
Reason for Two Directors: The reason behind having two directors in a Private Company is to ensure that there is a balance of power and decision-making. Having only two directors ensures that there is no deadlock situation while making decisions.
Advantages of having Two Directors:
- Decision making becomes faster and easier.
- There is a balance of power and decision-making.
- It ensures that there is no deadlock situation while making decisions.
Conclusion: In conclusion, a Private Company needs to have only two directors. The reason behind this is to ensure that there is a balance of power and decision-making. Having only two directors ensures that decision making becomes faster and easier.
Private Company: A Private Company is a type of company that is privately held by a small group of individuals. In a Private Company, the shareholders are restricted from publicly trading shares.
Directors: A Director is someone who is responsible for the management and administration of a company. Directors are appointed by the shareholders of the company.
Number of Directors: The number of directors required for a company depends on the type of company. In the case of a Private Company, it needs to have only two directors.
Reason for Two Directors: The reason behind having two directors in a Private Company is to ensure that there is a balance of power and decision-making. Having only two directors ensures that there is no deadlock situation while making decisions.
Advantages of having Two Directors:
- Decision making becomes faster and easier.
- There is a balance of power and decision-making.
- It ensures that there is no deadlock situation while making decisions.
Conclusion: In conclusion, a Private Company needs to have only two directors. The reason behind this is to ensure that there is a balance of power and decision-making. Having only two directors ensures that decision making becomes faster and easier.
Hindu Succession Act was passed in _____________- a)1960
- b)1956
- c)1952
- d)1932
Correct answer is option 'B'. Can you explain this answer?
Hindu Succession Act was passed in _____________
a)
1960
b)
1956
c)
1952
d)
1932
|
|
Priya Patel answered |
The Hindu Succession Act, 1956 is an Act of the Parliament of India enacted to amend and codify the law relating to intestate or unwilled succession, among Hindus, Buddhists, Jains, and Sikhs. The Act lays down a uniform and comprehensive system of inheritance and succession into one Act. The Hindu woman's limited estate is abolished by the Act. Any property possessed by a Hindu female is to be held by her absolute property and she is given full power to deal with it and dispose it of by will as she likes. Parts of this Act was amended in 2005 by the Hindu Succession (Amendment) Act, 2005.
_________ is not a separate entity in the eyes of law- a)Sole Proprietorship
- b)Limited company
- c)Government company
- d)Public company
Correct answer is option 'A'. Can you explain this answer?
_________ is not a separate entity in the eyes of law
a)
Sole Proprietorship
b)
Limited company
c)
Government company
d)
Public company
|
|
Arun Khanna answered |
Sole Proprietorship, first of all, is not a company. It is an unincorporated business type, and needs no registration to be created.
The biggest disadvantage of a Sole Proprietorship is Unlimited Liability. As it is not considered to be a separate entity in the eyes of the law, the owner bears complete responsibility towards any debts or damages caused with respect to the business; even at the stake of your personal assets.
What is the limit of members in case of a Private Company?- a)200
- b)70
- c)100
- d)250
Correct answer is option 'A'. Can you explain this answer?
What is the limit of members in case of a Private Company?
a)
200
b)
70
c)
100
d)
250
|
Om Desai answered |
This type of entity limits the owner's liability to their ownership stake and restricts shareholders from publicly trading shares. Members: You can start a private limited company with a minimum of only 2 members (and maximum of 200), as per the provisions of the Companies Act 2013. Minimum 2 and Maximum 20 can only be a part of partnership firm while for private limited company, 2 to 50 members in case of Private Company and Minimum 7 members in case of Public Company can be a part and in LLP's there has to be minimum 2 partners and there is no limitation of maximum number of partners.
Application for approval of name of a company is to be made to which authority?- a)Registrar of the company
- b)SEBI
- c)Government of India
- d)State Government
Correct answer is option 'A'. Can you explain this answer?
Application for approval of name of a company is to be made to which authority?
a)
Registrar of the company
b)
SEBI
c)
Government of India
d)
State Government
|
|
Pooja Mehta answered |
Section 4(1)(a): The name of the company with the last word “Limited” in the case of a public limited company, or the last words “Private Limited” in the case of a private limited company. Name should not be undesirable. Guidelines in relation
In _______ type of partnership, the liability of at least one partner is unlimited- a)Partnership at will
- b)General Partnership
- c)Limited Partnership
- d)None of these
Correct answer is option 'C'. Can you explain this answer?
In _______ type of partnership, the liability of at least one partner is unlimited
a)
Partnership at will
b)
General Partnership
c)
Limited Partnership
d)
None of these
|
Sumair Sadiq answered |
Yes it is right because in limited partnership all partners are free from liabilities except one it dust like a hindu undivided family you well know about karta but in india limited partnership is not a part of any business
This a MCQ (Multiple Choice Question) based practice test of Chapter 2 - Forms of Business Organisations of Business Studies of Class XI (11) for the quick revision/preparation of School Board examinationsQ The structure in which there is separation of ownership and management as per law is called- a)All business organisations
- b)Company
- c)Partnership
- d)Sole proprietorship
Correct answer is option 'B'. Can you explain this answer?
This a MCQ (Multiple Choice Question) based practice test of Chapter 2 - Forms of Business Organisations of Business Studies of Class XI (11) for the quick revision/preparation of School Board examinations
Q The structure in which there is separation of ownership and management as per law is called
a)
All business organisations
b)
Company
c)
Partnership
d)
Sole proprietorship
|
|
Aryan Khanna answered |
The management and control of the affairs of the company is undertaken by the Board of Directors, which appoints the top management officials to the business. The managers are accountable to shareholders who are the owners of the company.
A prospectus is issued by- a)A public company seeking investment, from public.
- b)A private company
- c)A public company.
- d)A public enterprise
Correct answer is option 'A'. Can you explain this answer?
A prospectus is issued by
a)
A public company seeking investment, from public.
b)
A private company
c)
A public company.
d)
A public enterprise
|
Rajat Patel answered |
A prospectus is a legal document issued by companies that are offering securities for sale. Mutual funds also provide a prospectus to potential clients, which includes a description of the fund's strategies, the manager's background, the fund's fee structure and a fund's financials statements.
The partnership deed generally includes the following- a)Name of firm
- b)Nature of business
- c)Location of business
- d)All of these
Correct answer is option 'D'. Can you explain this answer?
The partnership deed generally includes the following
a)
Name of firm
b)
Nature of business
c)
Location of business
d)
All of these
|
Mrinalini Bose answered |
Partnership Deed
Partnership deed is a written agreement between two or more individuals who want to start a business together. This document outlines the terms and conditions of the partnership, including the rights and responsibilities of each partner. It is a legal document that helps to avoid misunderstandings and conflicts between partners. The partnership deed generally includes the following:
Name of firm
The name of the firm should be decided by all the partners. It is important to choose a unique and meaningful name that represents the nature of the business. The name of the firm should be registered with the Registrar of Firms.
Nature of business
The nature of the business should be clearly stated in the partnership deed. It should describe the type of business, the products or services offered, and the target market. This helps to avoid any confusion among partners regarding the scope of the business.
Location of business
The location of the business should be decided by all the partners. It is important to choose a location that is convenient for all partners and is easily accessible to customers. The address of the registered office should be mentioned in the partnership deed.
All of these
The partnership deed should include all the above-mentioned details. It is a legal document that governs the relationship between partners and helps to avoid any disputes in the future. A well-drafted partnership deed ensures the smooth functioning of the business and protects the interests of all partners.
Partnership deed is a written agreement between two or more individuals who want to start a business together. This document outlines the terms and conditions of the partnership, including the rights and responsibilities of each partner. It is a legal document that helps to avoid misunderstandings and conflicts between partners. The partnership deed generally includes the following:
Name of firm
The name of the firm should be decided by all the partners. It is important to choose a unique and meaningful name that represents the nature of the business. The name of the firm should be registered with the Registrar of Firms.
Nature of business
The nature of the business should be clearly stated in the partnership deed. It should describe the type of business, the products or services offered, and the target market. This helps to avoid any confusion among partners regarding the scope of the business.
Location of business
The location of the business should be decided by all the partners. It is important to choose a location that is convenient for all partners and is easily accessible to customers. The address of the registered office should be mentioned in the partnership deed.
All of these
The partnership deed should include all the above-mentioned details. It is a legal document that governs the relationship between partners and helps to avoid any disputes in the future. A well-drafted partnership deed ensures the smooth functioning of the business and protects the interests of all partners.
A person who contributes capital, takes part in management, shares profits/losses and has unlimited liability towards the creditors but unknown to the general public is called _____________- a)Active Partner
- b)Nominal Partner
- c)Secret Partner
- d)None of these
Correct answer is option 'C'. Can you explain this answer?
A person who contributes capital, takes part in management, shares profits/losses and has unlimited liability towards the creditors but unknown to the general public is called _____________
a)
Active Partner
b)
Nominal Partner
c)
Secret Partner
d)
None of these
|
Arshiya Choudhury answered |
Secret Partner
A secret partner is a person who contributes capital, takes part in management, shares profits/losses, and has unlimited liability towards the creditors. However, their identity is unknown to the general public. Let's understand the concept in detail.
Definition and Characteristics:
A secret partner, also known as a dormant partner or sleeping partner, is an individual who invests capital in a partnership but does not actively participate in the day-to-day management of the business. While their involvement may be concealed from the public, they still have all the rights and responsibilities of a partner.
Key Characteristics of a Secret Partner:
1. Contribution of Capital: A secret partner invests capital in the partnership, which is used for the business operations and growth.
2. Limited Involvement: Unlike active partners who engage in the management of the partnership, secret partners do not actively participate in the daily operations or decision-making process.
3. Profit/Loss Sharing: Secret partners are entitled to a share of the profits or losses generated by the partnership. The specific ratio of profit/loss sharing is usually determined in the partnership agreement.
4. Unlimited Liability: One of the significant characteristics of a secret partner is that they have unlimited liability towards the creditors. This means that in case of any debts or obligations of the partnership, the secret partner's personal assets can be used to settle these liabilities.
5. Unknown to the General Public: The identity of a secret partner is intentionally kept hidden from the public. This allows them to protect their privacy and maintain confidentiality in their business dealings.
Importance and Benefits:
1. Capital Infusion: Secret partners provide additional capital to the partnership, which can be utilized for business expansion, purchasing assets, or meeting working capital requirements.
2. Risk Sharing: By sharing profits and losses, secret partners help distribute the financial risks associated with the business among all partners.
3. Expertise and Networks: Secret partners may bring valuable expertise, industry knowledge, or a strong network of contacts, which can benefit the partnership.
4. Privacy and Confidentiality: Keeping the identity of a secret partner hidden offers them privacy and protection from unwanted attention or public scrutiny.
Conclusion:
A secret partner plays a vital role in a partnership by contributing capital, sharing profits/losses, and assuming unlimited liability. While their involvement may remain undisclosed to the public, they still enjoy the rights and obligations of a partner. The concept of secret partnership allows individuals to participate in a business venture while maintaining their privacy and confidentiality.
A secret partner is a person who contributes capital, takes part in management, shares profits/losses, and has unlimited liability towards the creditors. However, their identity is unknown to the general public. Let's understand the concept in detail.
Definition and Characteristics:
A secret partner, also known as a dormant partner or sleeping partner, is an individual who invests capital in a partnership but does not actively participate in the day-to-day management of the business. While their involvement may be concealed from the public, they still have all the rights and responsibilities of a partner.
Key Characteristics of a Secret Partner:
1. Contribution of Capital: A secret partner invests capital in the partnership, which is used for the business operations and growth.
2. Limited Involvement: Unlike active partners who engage in the management of the partnership, secret partners do not actively participate in the daily operations or decision-making process.
3. Profit/Loss Sharing: Secret partners are entitled to a share of the profits or losses generated by the partnership. The specific ratio of profit/loss sharing is usually determined in the partnership agreement.
4. Unlimited Liability: One of the significant characteristics of a secret partner is that they have unlimited liability towards the creditors. This means that in case of any debts or obligations of the partnership, the secret partner's personal assets can be used to settle these liabilities.
5. Unknown to the General Public: The identity of a secret partner is intentionally kept hidden from the public. This allows them to protect their privacy and maintain confidentiality in their business dealings.
Importance and Benefits:
1. Capital Infusion: Secret partners provide additional capital to the partnership, which can be utilized for business expansion, purchasing assets, or meeting working capital requirements.
2. Risk Sharing: By sharing profits and losses, secret partners help distribute the financial risks associated with the business among all partners.
3. Expertise and Networks: Secret partners may bring valuable expertise, industry knowledge, or a strong network of contacts, which can benefit the partnership.
4. Privacy and Confidentiality: Keeping the identity of a secret partner hidden offers them privacy and protection from unwanted attention or public scrutiny.
Conclusion:
A secret partner plays a vital role in a partnership by contributing capital, sharing profits/losses, and assuming unlimited liability. While their involvement may remain undisclosed to the public, they still enjoy the rights and obligations of a partner. The concept of secret partnership allows individuals to participate in a business venture while maintaining their privacy and confidentiality.
Provision of residential accommodation to the members at reasonable rates is the objective of- a)Consumers cooperative
- b)Credit cooperative
- c)Producers cooperative
- d)Housing cooperative
Correct answer is option 'D'. Can you explain this answer?
Provision of residential accommodation to the members at reasonable rates is the objective of
a)
Consumers cooperative
b)
Credit cooperative
c)
Producers cooperative
d)
Housing cooperative
|
|
Arjun Singhania answered |
Co-operative housing societies are established to help people with limited income to construct houses at reasonable costs and giving the option of paying in installments.
The cooperative society is compulsorily required to be registered under the Cooperative Societies Act ________- a)1956
- b)1932
- c)1912
- d)1952
Correct answer is option 'C'. Can you explain this answer?
The cooperative society is compulsorily required to be registered under the Cooperative Societies Act ________
a)
1956
b)
1932
c)
1912
d)
1952
|
Priyanka Ravichandran answered |
Similarly like partnership act-1932, companies act -1956. new companies act -2013 ,coperative society act -1912... so correct answer is c
The Head of the joint Hindu family business is called- a)Proprietor
- b)Director
- c)Karta
- d)Manager
Correct answer is option 'C'. Can you explain this answer?
The Head of the joint Hindu family business is called
a)
Proprietor
b)
Director
c)
Karta
d)
Manager
|
|
Vikas Kapoor answered |
In Hindu joint family, the senior most male ascendant is the head of the family and is called The Karta. Karta represents the family and acts on its behalf. He is responsible to maintain all member can sue him for the maintenance and can also recover the arrears of the maintenance.
Which one of the following is the CORRECT sequence of stages in the formation of a company?- a)Promotion, incorporation, capital subscription, commencement of business
- b)Incorporation, capital subscription, promotion , commencement of business
- c)Promotion, commencement of business, incorporation , capital subscription
- d)Promotion, Incorporation, Certificate of commencement, capital subscription
Correct answer is option 'A'. Can you explain this answer?
Which one of the following is the CORRECT sequence of stages in the formation of a company?
a)
Promotion, incorporation, capital subscription, commencement of business
b)
Incorporation, capital subscription, promotion , commencement of business
c)
Promotion, commencement of business, incorporation , capital subscription
d)
Promotion, Incorporation, Certificate of commencement, capital subscription
|
|
Mrinalini Bose answered |
Formation of a Company
The formation of a company involves a number of stages, which are as follows:
1. Promotion
The first stage in the formation of a company is promotion. It involves the process of identifying a business opportunity and taking the necessary steps to bring it to fruition. This involves the identification of a viable business idea, market research, and the development of a business plan.
2. Incorporation
Once the business idea has been developed and a business plan has been created, the next stage is incorporation. This involves the creation of a legal entity that is separate from its owners. The company is registered with the relevant authorities and a certificate of incorporation is issued.
3. Capital Subscription
After the company has been incorporated, the next stage is capital subscription. This involves the raising of funds required to start the business. This can be done through the sale of shares to investors, or through loans from financial institutions.
4. Commencement of Business
The final stage in the formation of a company is the commencement of business. This involves the start of operations as outlined in the business plan. This stage includes the hiring of employees, the acquisition of assets, and the production or provision of goods or services.
Correct Sequence of Stages
The correct sequence of stages in the formation of a company is as follows:
a) Promotion
b) Incorporation
c) Capital Subscription
d) Commencement of Business
Promotion comes first, followed by incorporation, capital subscription and finally the commencement of business. The process of promotion is important as it sets the foundation for the formation of the company. Without a viable business idea and a well-developed business plan, the company is unlikely to be successful. Incorporation is the legal process of creating the company, while capital subscription is the process of raising funds for the business. Finally, the commencement of business marks the start of operations as outlined in the business plan.
The formation of a company involves a number of stages, which are as follows:
1. Promotion
The first stage in the formation of a company is promotion. It involves the process of identifying a business opportunity and taking the necessary steps to bring it to fruition. This involves the identification of a viable business idea, market research, and the development of a business plan.
2. Incorporation
Once the business idea has been developed and a business plan has been created, the next stage is incorporation. This involves the creation of a legal entity that is separate from its owners. The company is registered with the relevant authorities and a certificate of incorporation is issued.
3. Capital Subscription
After the company has been incorporated, the next stage is capital subscription. This involves the raising of funds required to start the business. This can be done through the sale of shares to investors, or through loans from financial institutions.
4. Commencement of Business
The final stage in the formation of a company is the commencement of business. This involves the start of operations as outlined in the business plan. This stage includes the hiring of employees, the acquisition of assets, and the production or provision of goods or services.
Correct Sequence of Stages
The correct sequence of stages in the formation of a company is as follows:
a) Promotion
b) Incorporation
c) Capital Subscription
d) Commencement of Business
Promotion comes first, followed by incorporation, capital subscription and finally the commencement of business. The process of promotion is important as it sets the foundation for the formation of the company. Without a viable business idea and a well-developed business plan, the company is unlikely to be successful. Incorporation is the legal process of creating the company, while capital subscription is the process of raising funds for the business. Finally, the commencement of business marks the start of operations as outlined in the business plan.
Provision of residential Accommodation to the members at reasonable rates is the objective of:- a)Housing Cooperative
- b)Producers Cooperative.
- c)Sleeping Partner.
- d)Credit Cooperative
Correct answer is option 'A'. Can you explain this answer?
Provision of residential Accommodation to the members at reasonable rates is the objective of:
a)
Housing Cooperative
b)
Producers Cooperative.
c)
Sleeping Partner.
d)
Credit Cooperative
|
|
Kavita Joshi answered |
Co-operative housing societies are established to help people with limited income to construct houses at reasonable costs and giving the option of paying in installments.
Chapter doubts & questions for Forms of Business Organisations - Business Studies (BST) Class 11 2025 is part of Commerce exam preparation. The chapters have been prepared according to the Commerce exam syllabus. The Chapter doubts & questions, notes, tests & MCQs are made for Commerce 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests here.
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Business Studies (BST) Class 11
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