Test: Relations Of Partners- 1
30 Questions MCQ Test Business Laws for CA Foundation | Test: Relations Of Partners- 1
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A third party deals with the firm without knowledge that Mr. X has been expelled from the firm. In such a case, Mr. X ________:
A third party is not affected by the limitation of implied authority unless he has actual notice of it:
Retiring partner continues to be liable for acts for the firm done:
A, B, C are partners where C is a sleeping partner who retries without giving a public notice. Which of the following is/are true?
In case of transfer of partner’s interest u/s 29, the transferee is entitled to interfere with the conduct of the business:
Correct Answer :- b
Explanation : A transfer by a partner of his interest in the firm, either absolute or by mortgage, or by the creation by him of a change on such interest, does not entitle the transferee, during the continuance of the firm, to interfere in the conduct of the business, or to require accounts, or to inspect the books of the firm, but entitles the transferee only to receive the share of profits of the transferring partner, and the transferee shall accept the account of profits agreed to by the partners.
Ravi, a partner of a firm, borrows money on his own credit by giving his own promissory note for the same, but he subsequently uses the proceeds of the note in the partnership concern of his own free will without any reference to the lender to do so. Which of the following is/are true?
Correct Answer :- c
Explanation : The partnership is not liable for the loan incurred by a partner upon his credit by giving his own promissory note where the partner uses the money in the partnership concern of his own free will and without any contract with the lender to do so. The fact that the partnership obtained the benefit of the loan is only a piece of evidence to show that he entered into the transaction by a member of the firm and not further because it is not the ultimate use by the firm of money borrowed as above that makes the firm liable.
A new partner can be admitted in the firm with the consent of:
As per section 29 of the Indian Partnership Act, 1932 a partner may transfer his interest in the firm _______:
A change in nature of business can be effected only by :
Expulsion of a partner which is not in accordance with the provisions of Section 33 of the Indian Partnership Act, 1932 is ________:
The implied authority of a partner in a firm does not empower him to :
The test of good faith is provided under Section 33 (1) of the Indian Partnership Act, 1932 requires the following :
Under the Indian Partnership Act, 1932, in the absence of an agreement, a partner is:
When are the assets and liabilities of a firm revalued:
In the absence of any agreement to share the profit or losses of a firm’s business, profits or loses of the firm are shared by the partner’s:
Every partner of a partnership firm has a right to take part in the Conduct of business of the firm.
A partner may be expelled from the firm on the fulfilment of the condition that power of expulsion is exercised:
A retiring partner does not have the following except:
Correct Answer :- a
Explanation : Rights of an outgoing partner to carry on competing business - An outgoing partner may carry on a business competing with that of the firm and he may advertise such business. But subject to contract to the contrary may not
1. Use the firm name,
2. Represents himself as carrying on the business of the firm,
3 Solicit the custom of persons who were dealing with the firm before he ceased to be a partner.
Share in Partnership can be transferred by consent of _______ the partner
In case of emergency, all rational acts of partner will bind the firm whether they were within the implied authority or not:
Correct Answer :- a
Explanation : ‘Implied Authority’ of a partner provided in Section 19 of the Indian Partnership Act, 1932. The section provides that subject to the
provisions of Section 22 of the Act, the act of a partner, which is done to carry on, in the usual way, business of the kind carried on by the firm, binds the firm. The authority of a partner to bind the firm conferred by this section is called his ‘Implied Authority’ [Sub-Section(1) of section 19]. Furthermore, every partner is in contemplation of law the general and accredited agent of the partnership and may consequently bind all the other partners by his acts in all matters which are within the scope and object of the partnership.
An act of a partner for acquiring an immovable property on behalf of the firm is within the provision of _____________ authority under the Indian Partnership Act, 1932.
When a partner in a firm is adjudicated as insolvent as per the Indian partnership Act, 1932, he ceases to be a partner:-
Premium paid by a partnership firm on the Joint Life Policy of partners is
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