Top 1000+ Solved Fundamentals of Laws and Ethics MCQ Questions Answer
Q. Where no time is expressly stated for its duration and there is no contract to fix the duration, thepartnership may be terminated at a moment's notice by the other party. This partnership is called -
a. Joint Venture
b. Partnership at will
c. Particular partnership
d. Co-partnership
Q. When a partner of a firm agrees to share his own share of profits with an outsider, it called:
a. Sub-partnership
b. Co-partnership
c. Undisclosed partnership
d. Profit sharing scheme
Q. Which of the parties may be admitted as a partner?
a. Person of unsound mind
b. Minor
c. Alien enemies
d. An insolvent
Q. A new partnership may be formed by the following persons:
a. One major and all other minors
b. One minor and minimum two other majors.
c. Minimum two majors and minor only admitted to the benefits of firm
d. One minor and another minor
Q. Where the goodwill of the firm is sold after dissolution, a partner may carry on a business, competing with that of the buyer and he, subject to the agreement between the buyer and him self, may not:
a. Use the firm name
b. Represent himself as carrying on the business of the firm
c. Solicit the customers of the old firm.
d. All the above
Q. Out of the following statements which is true-
a. A sleeping partner is also liable to the third parties
b. Law of partnership is an extension of the law guarantee
c. The registration of firm is compulsory
d. Partnership has a separate legal entity
Q. Registration of the firm under the Partnership Act is:
a. Optional
b. Obligatory
c. Compulsory
d. Necessary
Q. A partnership firm has to be registered with:
a. Director of firms
b. Registrar of firms
c. Registrar of companies
d. Competent court
Q. In case of a unregistered partnership firm
a. A partner cannot file a suit against the firm
b. A partner cannot file a suit against any partner of the firm
c. The firm cannot file a suit against third parties to enforce a contract
d. All the above
Q. The Partnership Act by section 69 indirectly renders the registration firm compulsory byproviding:
a. Certain disabilities
b. Penalties on partners of un-registered firms
c. Penalties on un-registered firms
d. Monetary fine on partners
Q. A firm may be registered :
a. In the beginning when it is being formed
b. At a later date, after its formation
c. When the court orders the firm to be registered
d. When the Income-tax Department insists on its registration
Q. In the application for registration of a firm, which of the following is not required to be given:
a. Firm name
b. The duration of the firm
c. Names of any other places where the firm carries on business
d. Capital contribution of partners
Q. Which of the following details is required to be given in an application for registration of a firm?
a. Capital contribution of partners
b. PAN number of the partners
c. Place of business of the firm
d. Bank Accounts of the firm
Q. Application for Registration of firms should be signed by -
a. All the partners
b. Agents of partners specially authorized in this behalf
c. All the active partners
d. Either (a) or (b)
Q. A firm name shall not contain any of the following words :
a. Crown, Imperial
b. Emperor, Empress
c. King, Queen
d. All the above