Top 1000+ Solved Fundamentals of Laws and Ethics MCQ Questions Answer
Q. The Indian Partnership Act came into force on:
a. 1st April 1932
b. 1st June 1932
c. 1st July 1932
d. 1st October 1932, except section 69
Q. Prior to the enactment of Indian Partnership Act, 1932 the law on this subject was contained in:
a. Code of Civil Procedure, 1908
b. Indian Contract Act, 1872
c. Companies Act, 1913
d. Negotiable Instruments Act, 1881
Q. The term 'partnership' has been defined under…………of the Partnership Act, 1932:
a. Section 3
b. Section 4
c. Section 5
d. Section 6
Q. The Indian Partnership Act, 1932 extends to the whole of India except:
a. The State of Jammu & Kashmir
b. The State of Jammu & Kashmir and the State of Sikkim
c. The State of Jammu & Kashmir and the North-eastern States of India
d. The North-Eastern States of India
Q. What among the following is not an essential element of partnership:
a. There must be an agreement entered into by all the persons concerned
b. The agreement must be to share the profits of a business
c. The business must start within six months from the date of agreement
d. The business must be carried on by all or any one of them acting for all
Q. A Joint Hindu Family is created:
a. By a contract
b. By operation of law or status
c. By registration
d. By all the above mode
Q. A club is the form of:
a. Association not for profit
b. Partnership
c. Sole proprietorship
d. Public company
Q. The Partnership Act, 1932
a. Specifies the minimum number of partners in a firm
b. Specifies the maximum number of partners in a firm
c. Both (a) and (b)
d. None of the above
Q. The ceiling on maximum number of partners in a firm is laid down in:
a. The Partnership Act, 1932
b. The Indian Contract Act, 1872
c. The Companies Act, 1956
d. Central Government notification
Q. The test of partnership is laid down in the following case:
a. Cox v. Hickman
b. Garner v. Murray
c. Mohiribibi v. Dharmodas Ghosh
d. None of the above
Q. A partnership firm
a. Is a legal person
b. Is not a legal person
c. Has a distinct legal personality
d. None of the above
Q. A partnership formed for the purpose of carrying on particular venture or undertaking is known as:
a. Limited partnership
b. Special partnership
c. Joint Venture
d. Particular partnership
Q. From among the following who cannot become a partner of the firm?
a. A Hindu joint family
b. Minor
c. Director of a Company
d. A limited Company
Q. Under section 4 of the Indian Partnership Act, 1932, partnership is a:
a. Compulsory legal relationship
b. Voluntarily legal relationship
c. A relation arising from status
d. A relation for a charitable purpose
Q. A partnership in a banking business can have:
a. Not more than 2 partners
b. Not more than 10 partners
c. Not more than 20 partners
d. Unlimited partners