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Questions 
MCQ Questions  
Page 2


Questions 
MCQ Questions  
Question No.1 
A person may be admitted as a new partners: 
A] In accordance with a contract between the existing partners or with 
the consent of all the existing partners 
B] In accordance with a contract between the existing partners or with 
the consent of all the existing partners subject to the provisions of 
section 30 of the Act. 
C] After obtaining specific approval of the Registrar of Firms & Societies 
to this Act. 
D]By simply taking the consent of the new partner 
Ans B 
Page 3


Questions 
MCQ Questions  
Question No.1 
A person may be admitted as a new partners: 
A] In accordance with a contract between the existing partners or with 
the consent of all the existing partners 
B] In accordance with a contract between the existing partners or with 
the consent of all the existing partners subject to the provisions of 
section 30 of the Act. 
C] After obtaining specific approval of the Registrar of Firms & Societies 
to this Act. 
D]By simply taking the consent of the new partner 
Ans B 
Question No.2 
A Partner may retire with the consent of: 
A] Majority of the Partners  
B] Senior partners 
C] All other Partners 
D] None of These 
Ans C 
Page 4


Questions 
MCQ Questions  
Question No.1 
A person may be admitted as a new partners: 
A] In accordance with a contract between the existing partners or with 
the consent of all the existing partners 
B] In accordance with a contract between the existing partners or with 
the consent of all the existing partners subject to the provisions of 
section 30 of the Act. 
C] After obtaining specific approval of the Registrar of Firms & Societies 
to this Act. 
D]By simply taking the consent of the new partner 
Ans B 
Question No.2 
A Partner may retire with the consent of: 
A] Majority of the Partners  
B] Senior partners 
C] All other Partners 
D] None of These 
Ans C 
Question No.3 
A Partner may retire from an existing firm: 
A] with the consent of all partners 
B] as per express agreement  
C] by written notice in partnership at will 
D] all of the above. 
Ans D 
Page 5


Questions 
MCQ Questions  
Question No.1 
A person may be admitted as a new partners: 
A] In accordance with a contract between the existing partners or with 
the consent of all the existing partners 
B] In accordance with a contract between the existing partners or with 
the consent of all the existing partners subject to the provisions of 
section 30 of the Act. 
C] After obtaining specific approval of the Registrar of Firms & Societies 
to this Act. 
D]By simply taking the consent of the new partner 
Ans B 
Question No.2 
A Partner may retire with the consent of: 
A] Majority of the Partners  
B] Senior partners 
C] All other Partners 
D] None of These 
Ans C 
Question No.3 
A Partner may retire from an existing firm: 
A] with the consent of all partners 
B] as per express agreement  
C] by written notice in partnership at will 
D] all of the above. 
Ans D 
Question No.4 
For firm’s acts after retirement, a retiring partners:- 
A] is not liable to third party even if no public notice is given of his 
retirement. 
B] is not liable to third party who deals with the firm without knowing 
that he was a partner even if no public notice is given of his retirement. 
C] Continues to be liable to every third party (whether or not having 
knowledge that he was a partner) if no public notice in give. 
D] None of these 
Ans B 
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FAQs on MCQ - Relation of Partners - 3 - Business Laws for CA Foundation

1. What is the meaning of "relation of partners" in the context of the CA Foundation exam?
Ans. In the context of the CA Foundation exam, the term "relation of partners" refers to the legal and financial relationship between the partners of a partnership firm. It involves understanding the rights, duties, and liabilities of partners towards each other, as well as their responsibilities towards the partnership firm.
2. What are some important factors to consider when determining the relation of partners in a partnership firm?
Ans. When determining the relation of partners in a partnership firm, it is important to consider factors such as the agreement between the partners (express or implied), the type of partnership (general or limited), the capital contributed by each partner, the profit-sharing ratio, and the decision-making power of each partner. These factors help define the rights and responsibilities of each partner within the firm.
3. How does the relation of partners affect the management of a partnership firm?
Ans. The relation of partners plays a crucial role in the management of a partnership firm. It determines the decision-making power of each partner, their authority to bind the firm, and their involvement in day-to-day operations. The relation of partners also influences the distribution of profits, the allocation of responsibilities, and the accountability of each partner towards the firm and other partners.
4. What are the rights and duties of partners in relation to each other?
Ans. Partners have certain rights and duties towards each other in a partnership firm. Some common rights include the right to participate in the management and decision-making process, the right to share in the profits and assets of the firm, and the right to access and inspect the firm's books and records. Duties of partners include acting in good faith, exercising care and skill, being loyal to the firm, and sharing losses and liabilities.
5. How can disputes related to the relation of partners be resolved in a partnership firm?
Ans. Disputes related to the relation of partners in a partnership firm can be resolved through various means. The partnership agreement may provide a mechanism for dispute resolution, such as mediation or arbitration. If the dispute cannot be resolved internally, partners can seek legal remedies through the court system. It is advisable to consult with legal professionals specializing in partnership law to ensure a fair and effective resolution of such disputes.
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