CA Foundation Exam > CA Foundation Questions > According to the Indian Partnership Act, 1932...
Start Learning for Free
According to the Indian Partnership Act, 1932 a partnership is valid where:
- a)A convict undergoing imprisonment is admitted to the benefits of partnership
- b)A private company admitted as a partner in the partnership
- c)A partnership between an Indian Citizen and an alien enemy
- d)Partnership between an Indian citizen and a friend having U.K. nationality
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
According to the Indian Partnership Act, 1932 a partnership is valid w...
Because a private company has a separate legal existence and can be taken as a partner of a firm and is not against rules of Indian Partnership Act 1932 and while coming to the all other options they are completely against the law an option A Convict cannot enter into any contract until his imprisonment is over and option C entering into a contract with alien enemy is void and hence we cannot admit him as a partner of a firm for any benefits and while coming to option d a foreigner cannot be a partner of a firm and thus option B is the correct answer
Community Answer
According to the Indian Partnership Act, 1932 a partnership is valid w...
Answer:
According to the Indian Partnership Act, 1932, a partnership is valid when a private company is admitted as a partner in the partnership. Let's understand this answer in detail:
Explanation:
Indian Partnership Act, 1932:
The Indian Partnership Act, 1932 is an act that governs the formation and operation of partnerships in India. It defines a partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
Validity of Partnership:
Under the Indian Partnership Act, a partnership can be formed between individuals, including Indian citizens and foreigners, subject to certain conditions. However, the act does not specifically mention the validity of admitting a private company as a partner in a partnership.
Admitting a Private Company as a Partner:
In general, a partnership is formed between individuals, and a private company is a separate legal entity. However, the Indian Partnership Act does not explicitly prohibit admitting a private company as a partner in a partnership.
Legal Implications:
Admitting a private company as a partner in a partnership can have legal implications, as the rights, liabilities, and obligations of a private company are different from those of an individual partner. It is important to consider the legal framework and consult with legal experts to ensure compliance with applicable laws and regulations.
Balancing Interests:
While admitting a private company as a partner in a partnership may be legally possible, it is essential to consider the interests and objectives of all partners involved. The partnership agreement should clearly outline the rights, responsibilities, and profit-sharing arrangements between the partners, including the private company.
Conclusion:
In conclusion, according to the Indian Partnership Act, 1932, a partnership can be validly formed by admitting a private company as a partner. However, it is crucial to consider the legal implications and ensure that the partnership agreement adequately addresses the rights and obligations of all partners involved. Consulting with legal experts is recommended to ensure compliance with relevant laws and regulations.
According to the Indian Partnership Act, 1932, a partnership is valid when a private company is admitted as a partner in the partnership. Let's understand this answer in detail:
Explanation:
Indian Partnership Act, 1932:
The Indian Partnership Act, 1932 is an act that governs the formation and operation of partnerships in India. It defines a partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
Validity of Partnership:
Under the Indian Partnership Act, a partnership can be formed between individuals, including Indian citizens and foreigners, subject to certain conditions. However, the act does not specifically mention the validity of admitting a private company as a partner in a partnership.
Admitting a Private Company as a Partner:
In general, a partnership is formed between individuals, and a private company is a separate legal entity. However, the Indian Partnership Act does not explicitly prohibit admitting a private company as a partner in a partnership.
Legal Implications:
Admitting a private company as a partner in a partnership can have legal implications, as the rights, liabilities, and obligations of a private company are different from those of an individual partner. It is important to consider the legal framework and consult with legal experts to ensure compliance with applicable laws and regulations.
Balancing Interests:
While admitting a private company as a partner in a partnership may be legally possible, it is essential to consider the interests and objectives of all partners involved. The partnership agreement should clearly outline the rights, responsibilities, and profit-sharing arrangements between the partners, including the private company.
Conclusion:
In conclusion, according to the Indian Partnership Act, 1932, a partnership can be validly formed by admitting a private company as a partner. However, it is crucial to consider the legal implications and ensure that the partnership agreement adequately addresses the rights and obligations of all partners involved. Consulting with legal experts is recommended to ensure compliance with relevant laws and regulations.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer?
Question Description
According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer?.
According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer?.
Solutions for According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice According to the Indian Partnership Act, 1932 a partnership is valid where:a)A convict undergoing imprisonment is admitted to the benefits of partnershipb)A private company admitted as a partner in the partnershipc)A partnership between an Indian Citizen and an alien enemyd)Partnership between an Indian citizen and a friend having U.K. nationalityCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup