Questions on :
1)Rights of Partners.
2)Duties of Partners.
3)Posting of a Minor Partner in a Firm.
__________________________________________________ No. Of Questions to be Answered : Random 20 out of 45
True
False
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Right to share profits
Right to receive remuneration
Right to take part in business
Right to have access to account books.
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All the partners
Majority of the partners
Managing partner
Senior partner.
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True
False
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True
False
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Property of the firm.
Name of the firm.
Business connection of the firm.
All of these.
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Alteration of business
Addition to the business
Admission of a new partner
All of these.
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4% per annum
6% per annum
8% per annum
Market rate.
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The matters affecting the interest of concerned partner only.
All matters affecting the business of the firm.
Ordinary matters only but not in fundamental matters.
None of these, as no such right is provided to the partners.
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All the partners
Only managing partners
Only senior partners
Manager of the firm.
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Actual authority
Implied authority
Both (a) and (b).
Only (b).
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True
False
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Duty to carry on firm business to the greatest common advantage.
Duty to render the true accounts.
Duty to give full information of all things affecting the firm.
All of these.
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Liable to the third party .
Not liable to the third party.
Entitled to recover loss from t he guilty partner.
Both (a) and (c).
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Receive remuneration
Share profits
Take part in business
Have access to account books
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Similar to that of the firm.
Competing with that of the firm.
Both of these.
None of these.
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To use partnership property exclusively for firm's business.
To account for personal profits made by using partnership property.
Both of these
None of these.
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An existing firm only
A new firm only
A registered firm only
An unregistered firm only
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Can be effected with the consent of majority partners.
Can be effected with the consent of all the partners.
Cannot be effected at all as it is not authorised under the Act.
Is one of the ground of compulsorily dissolution of firm.
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Receive agreed share of property and profits.
Access and to inspect the accounts of the firm.
Sue the firm for his share of property or profits.
All of the above.
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The ordinary course of business
An emergency to protect the firm property.
Both (a) and (b)
Only (b).
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True
False
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All the partners
Majority of partners
Senior partners
Managing partner.
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Duty to guilty partner to indemnify the firm.
Duty of all partners to jointly indemnify the firm.
Right of the firm to recover loss from the guilty partner.
Both (b) and (c).
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True, as partner's duty to account for the profits of a competing business is subject to an agreement to contrary.
False, as a partner cannot be allowed to carry on any business so long as he is the partner.
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Share losses
Indemnify for loss caused by partner's fraud
Account for competing business profits
Indemnify for loss caused by negligence.
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True, as losses are always shared equally.
False, as partners may agree to share losses in different proportions.
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True, as it is the legal position on the point.
False, as he may be admitted to the benefits of a firm whether an existing or anew one.
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Equally
In the ratio of capital
In the ratio of loan advanced
As decided by Registrar.
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Section 8
Section 9
Section 10
Section 11
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Duty to share losses equally.
Duty to indemnify for loss caused by partner's fraud.
Duty to indemnify for loss caused by negligence.
Duty to account for profits of a competing business.
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(i),(ii),(iii)
(ii), (iii),(iv)
(i), (ii), (iv)
(i), (iii), (iv)
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Section 16(a) .
Section 16(b).
Section 10.
Section 11.
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Section 16(a).
Section 16(b).
Section 10.
Section 11.
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Out of capital only
Out of profits only
Either (a) or (b)
None of these.
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True
False
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It can be formed with one major and all other minors.
It can be formed with one minor and minimum two other majors.
It can be formed with minimum two majors and the minor only admitted to the benefits of firm.
None of these, as a partnership agreement for a new firm taking minor as a partner is void.
Section 9
Section 10
Section 11
Section 12
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Cannot be excluded by an agreement to the contrary.
Can only be excluded by an agreement to the contrary.
Makes the guilty partner liable for imprisonment.
Both (a) and (c).
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All the partners.
Majority of partners.
Senior partners.
Managing partner.
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It is the duty of every partner to attend diligently to the affairs to the affairs of firm business.
If firm suffers some loss due to 'willful neglect' of partner then he is bound to compensate the firm.
Partner's duty to attend diligently cannot be excluded by an agreement to the contrary.
Partner's duty to attend diligent can be excluded by an agreement to the contrary.
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Section 27
Section 28
Section 30
None of these.
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Section 27
Section 28
Section 29
Section 30
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Decision to become a partner.
Attaining the age of majority.
Admission to the benefits of the firm.
Attaining majority or decision to become a partner, whichever is earlier.
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