CA Foundation Exam > CA Foundation Notes > Business Laws for CA Foundation > MCQ 3.1 - Basics of Partnership - 1
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Page 1 Questions on partnership & True test of partnership Questions Page 2 Questions on partnership & True test of partnership Questions Question No.1 The most important element in partnership is: a] Business b] Sharing of Profits c] Agreement d] Business to be carried on by all or any of them acting for all. Ans D Page 3 Questions on partnership & True test of partnership Questions Question No.1 The most important element in partnership is: a] Business b] Sharing of Profits c] Agreement d] Business to be carried on by all or any of them acting for all. Ans D Question No.2 A firm is the name of: a] The Partners b] The minors in the firm. c] The business under which the firm carries on business d] The collective name under which it carries on business Ans: D Page 4 Questions on partnership & True test of partnership Questions Question No.1 The most important element in partnership is: a] Business b] Sharing of Profits c] Agreement d] Business to be carried on by all or any of them acting for all. Ans D Question No.2 A firm is the name of: a] The Partners b] The minors in the firm. c] The business under which the firm carries on business d] The collective name under which it carries on business Ans: D Question No.3 The true test of partnership is laid in following case law? a] Cox Vs. Hickman b] Garner Vs. Murray c] Mohiribibi Vs. Dharmodas Ghosh d] None of these Ans: A Page 5 Questions on partnership & True test of partnership Questions Question No.1 The most important element in partnership is: a] Business b] Sharing of Profits c] Agreement d] Business to be carried on by all or any of them acting for all. Ans D Question No.2 A firm is the name of: a] The Partners b] The minors in the firm. c] The business under which the firm carries on business d] The collective name under which it carries on business Ans: D Question No.3 The true test of partnership is laid in following case law? a] Cox Vs. Hickman b] Garner Vs. Murray c] Mohiribibi Vs. Dharmodas Ghosh d] None of these Ans: A Question No.4 The Indian partnership Act came in force on? a] 1.9.1872 b] 1.7.1930 c] 1.10.1930 d] 1.10.1932 Ans DRead More
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FAQs on MCQ 3.1 - Basics of Partnership - 1 - Business Laws for CA Foundation
| 1. What are the basics of partnership? |  |
Ans. Partnership is a business structure where two or more individuals come together to jointly own and operate a business. In a partnership, the partners share the profits, losses, and responsibilities of the business.
| 2. How is a partnership formed? | |
Ans. A partnership is formed through an agreement between the partners, known as a partnership deed. The partnership deed outlines the terms and conditions of the partnership, including the capital contribution, profit-sharing ratio, and decision-making process.
| 3. Can a partnership have more than two partners? | |
Ans. Yes, a partnership can have more than two partners. In fact, there can be any number of partners in a partnership, as long as they agree to the terms and conditions outlined in the partnership deed.
| 4. What are the advantages of a partnership? | |
Ans. Some advantages of a partnership include shared decision-making, shared workload and responsibilities, combined resources and expertise, and flexibility in profit-sharing and taxation.
| 5. What are the disadvantages of a partnership? | |
Ans. Some disadvantages of a partnership include unlimited liability, potential conflicts among partners, lack of continuity, and shared profits, which may not be as high as those in a sole proprietorship or corporation.
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