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Page 1
General Nature of a Partnership
Unit 1
CPT Mercantile Law
Chapter -3 The Indian Partnership Act ,1932
CA. Dipti Lunawat
Page 2
General Nature of a Partnership
Unit 1
CPT Mercantile Law
Chapter -3 The Indian Partnership Act ,1932
CA. Dipti Lunawat
Case Law based
Questions
Questions
Page 3
General Nature of a Partnership
Unit 1
CPT Mercantile Law
Chapter -3 The Indian Partnership Act ,1932
CA. Dipti Lunawat
Case Law based
Questions
Questions Question No.1
Two Brothers X (age 18 years), Y (age 17
years),decide to form a partnership. Can they do
so?
Ans No
Page 4
General Nature of a Partnership
Unit 1
CPT Mercantile Law
Chapter -3 The Indian Partnership Act ,1932
CA. Dipti Lunawat
Case Law based
Questions
Questions Question No.1
Two Brothers X (age 18 years), Y (age 17
years),decide to form a partnership. Can they do
so?
Ans No
Question No.2
Three Brothers X (age 19years), Y (age 18 years)
and Z (age 17 years),decide to form a partnership
with a provision that Z will share profits only?
Ans No
Page 5
General Nature of a Partnership
Unit 1
CPT Mercantile Law
Chapter -3 The Indian Partnership Act ,1932
CA. Dipti Lunawat
Case Law based
Questions
Questions Question No.1
Two Brothers X (age 18 years), Y (age 17
years),decide to form a partnership. Can they do
so?
Ans No
Question No.2
Three Brothers X (age 19years), Y (age 18 years)
and Z (age 17 years),decide to form a partnership
with a provision that Z will share profits only?
Ans No
Question No.3
Two banking firms, each having ten members ,
amalgamate their business. Can Contracts entered
into by the amalgamated firm be enforce by firm?
Ans No
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FAQs on MCQ - Basics of Partnership - 2 - Business Laws for CA Foundation
| 1. What are the advantages of forming a partnership? |  |
Ans. Forming a partnership has several advantages. Firstly, it allows for a shared workload and responsibility among partners, which can help in managing the business more efficiently. Secondly, partners can bring in different skills, expertise, and networks, which can benefit the business. Thirdly, partnerships can pool together financial resources, making it easier to raise capital for business expansion. Finally, partnerships often have a more flexible management structure compared to other business forms, allowing partners to have a say in decision-making.
| 2. How is the profit distribution determined in a partnership? | |
Ans. Profit distribution in a partnership is typically determined by the partnership agreement. This agreement outlines how the profits and losses will be divided among the partners. The distribution can be based on equal shares, where each partner receives an equal portion of the profits. Alternatively, it can be based on the proportion of capital contributed by each partner or the agreed-upon profit-sharing ratio. It is crucial for partners to have a clear understanding of the profit distribution mechanism to avoid any conflicts or misunderstandings.
| 3. What are the types of partnerships recognized by law? | |
Ans. The law recognizes several types of partnerships. The most common types include general partnerships, limited partnerships, and limited liability partnerships (LLPs). In a general partnership, all partners have unlimited liability for the partnership's debts and obligations. In a limited partnership, there are both general partners who have unlimited liability and limited partners who have limited liability based on their capital contribution. LLPs, on the other hand, provide limited liability to all partners, protecting their personal assets from the partnership's liabilities.
| 4. What are the major differences between a partnership and a sole proprietorship? | |
Ans. While both partnerships and sole proprietorships involve multiple individuals running a business, there are significant differences between the two. In a partnership, there are two or more owners who share profits, losses, and responsibilities. In a sole proprietorship, there is only one owner who bears all the risks and enjoys all the profits. Additionally, partnerships have a more formal structure with a partnership agreement, while sole proprietorships do not require such formalities. From a liability perspective, partners in a partnership have unlimited liability, while a sole proprietor is personally liable for all business debts.
| 5. Can a partnership be dissolved? If so, what are the ways a partnership can be dissolved? | |
Ans. Yes, a partnership can be dissolved. There are several ways through which a partnership can be dissolved. Firstly, it can be dissolved by mutual agreement among the partners. Secondly, if the partnership agreement specifies a fixed term, the partnership automatically dissolves upon the completion of that term. Thirdly, if a partner becomes bankrupt, it can lead to the dissolution of the partnership. Additionally, the death or incapacity of a partner can also result in the dissolution of the partnership. It is important for partners to have a clear understanding of the dissolution process and include relevant clauses in the partnership agreement.
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