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Page 1 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Registration and Dissolution of a Firm Unit 3 Part [3/4] Page 2 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Registration and Dissolution of a Firm Unit 3 Part [3/4] Questions Questions On Consequences of Dissolution Page 3 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Registration and Dissolution of a Firm Unit 3 Part [3/4] Questions Questions On Consequences of Dissolution Loss arising out of partner’s insolvency can be recouped from A] Solvent partners B] The firm itself C] Partner’s estate D] Partner’s Legal Heirs Ans: A Question No.1 Page 4 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Registration and Dissolution of a Firm Unit 3 Part [3/4] Questions Questions On Consequences of Dissolution Loss arising out of partner’s insolvency can be recouped from A] Solvent partners B] The firm itself C] Partner’s estate D] Partner’s Legal Heirs Ans: A Question No.1 Question No.2 After the dissolution of a firm, the authority of a partner to bind the firm: A] does not continue at all. B] continues so far as may be necessary to wind up the affairs of the firm . C] None of these Ans: B Page 5 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Registration and Dissolution of a Firm Unit 3 Part [3/4] Questions Questions On Consequences of Dissolution Loss arising out of partner’s insolvency can be recouped from A] Solvent partners B] The firm itself C] Partner’s estate D] Partner’s Legal Heirs Ans: A Question No.1 Question No.2 After the dissolution of a firm, the authority of a partner to bind the firm: A] does not continue at all. B] continues so far as may be necessary to wind up the affairs of the firm . C] None of these Ans: B Question No.3 A partners private assets shall be applied first in the payment of: A] Firm’s debts to third parties. B] Partner’s debts to third parties. C] Partner’s advance to third parties. D] None of these Ans: BRead More
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FAQs on MCQ - Registration and Dissolution of firm - 2 - Business Laws for CA Foundation
| 1. What is the process of registration of a firm? |  |
Ans. The process of registration of a firm involves the following steps:
1. Choose a suitable name for the firm.
2. Prepare a partnership deed, which includes details like the name and address of partners, profit sharing ratio, capital contribution, etc.
3. Submit the partnership deed along with the application for registration to the Registrar of Firms.
4. Pay the prescribed fee for registration.
5. The Registrar will verify the documents and if satisfied, will enter the firm's details in the Register of Firms.
6. Once registered, the firm will be issued a Certificate of Registration.
| 2. What are the requirements for the dissolution of a firm? | |
Ans. The requirements for the dissolution of a firm are as follows:
1. Mutual Agreement: All the partners must mutually agree to dissolve the firm.
2. Dissolution as per Partnership Deed: The partnership deed may specify the conditions and procedures for dissolution. The partners must follow these provisions.
3. Notice to Third Parties: The partners must give public notice of the dissolution to avoid any liabilities with third parties.
4. Settle Debts and Liabilities: The partners must settle all the debts and liabilities of the firm before dissolution.
5. Distribution of Assets: After settling the debts, the remaining assets should be distributed among the partners as per their profit sharing ratio.
6. Cancellation of Registration: The partners should apply for the cancellation of the firm's registration with the Registrar of Firms.
| 3. Can a firm be registered with a name that is already in use by another firm? | |
Ans. No, a firm cannot be registered with a name that is already in use by another firm. The name of a firm should be unique to avoid confusion and legal issues. The Registrar of Firms checks the availability of the proposed name during the registration process. If the name is already registered, the firm will have to choose a different name that is not already in use.
| 4. Is it mandatory to register a firm? | |
Ans. It is not mandatory to register a firm, but it is highly advisable to do so. Registration provides legal recognition to the firm and offers several benefits. Registered firms can file suits against third parties, enjoy protection under various laws, and avail of certain tax benefits. Additionally, registration ensures transparency and credibility, which can be beneficial for business operations and attracting potential partners and investors.
| 5. Can a firm be dissolved without the consent of all partners? | |
Ans. Generally, a firm cannot be dissolved without the consent of all partners. Dissolution requires mutual agreement among the partners as per the provisions of the partnership deed. However, in certain exceptional cases, the court may order the dissolution of a firm even without the consent of all partners, if it is proved that the firm cannot be carried on as per the terms of the partnership deed or due to certain misconduct or incapacity of a partner.
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