Top 1000+ Solved Fundamentals of Laws and Ethics MCQ Questions Answer
Q. Registration of firm is effective from —
a. The date when the Registrar files the statement and makes entries in the Register of firms
b. The date of presentation of the statement to the Registrar of firms
c. The date published in the Official Gazette
d. The date intimated to the partners
Q. After the registration of a firm, if a partner retires, such a change in the constitution of the firm requires:
a. A notice to be sent to the Registrar
b. New registration
c. An affidavit of a managing partner about the change
d. No intimation
Q. Intimation about closing and opening of a branch, after registration, is required to be given by:
a. All the partners jointly
b. Any partner or agent of the firm
c. Either (a) or (b)
d. Neither (a) or (b)
Q. If an unregistered firm intends to file a suit against a third party, it should get itself registered before filingthe suit.
a. False, as such disability can never be removed.
b. True, as after registration firm's disability to file such suit is removed.
c. It should take permission of the court before filing the suit.
d. Either (b) or (c)
Q. Which of the following are the disabilities of an unregistered firm?
a. It cannot file a suit against third parties
b. It cannot claim a set-off exceeding ` 100
c. Its partners cannot file a suit against the firm
d. All the above
Q. In case of an unregistered firm the partners can file a suit for the:
a. Dissolution of the firm
b. Accounts of dissolved firm
c. Realization of property of dissolved firm
d. All the above
Q. Any person who supplies false information to the Registrar of firms, shall be liable to punishment withimprisonment upto ………
a. Three months
b. Six months
c. Nine months
d. Twelve months
Q. The Register of firms shall be open to inspection:
a. By any person on payment of prescribed fees
b. By partners only
c. By Government Officials only
d. By any person free of cost
Q. Which of the following statements is incorrect?
a. The registration of a firm is a condition precedent to the right to institute a suit
b. If a partner refuses to sign the application for registration, than registration can be done only by dropping the name of such a partner from the firm
c. A third party cannot file a suit against an un-registered firm
d. Application for registration of firm must be signed by all the partners
Q. As per section 18, a partner in a partnership firm functions:
a. In a dual capacity of principal and agent
b. As a principal
c. As an agent
d. Neither as a principal nor as an agent
Q. If a partner commits fraud in the conduct of the business of the firm:
a. He shall indemnify the firm for any loss caused to it by his fraud
b. He is not liable to the firm
c. He is liable to the partners
d. He is liable to the third parties
Q. Partners are bound to carry on the business of the firm —
a. To the greatest common advantage
b. For the welfare to the society
c. For the advantage of the family members
d. For earning personal profits
Q. Which of the following statements is / are false :
a. A partner has a right to share profits
b. Right to interest on capital
c. Right of access to books
d. Right to receive remuneration
Q. Which of the following statements is correct?
a. A partner can be admitted in a firm by the consent of the majority of partners
b. A minor can be a partner in a firm
c. The liability of a retired partner to third parties continues even after his retirement
d. A partner of an unregistered firm cannot sue for the dissolution of a firm
Q. Which are the matters that require unanimous consent of all the partners:
a. Admission of a partner
b. Transfer by a partner of his interest in the firm
c. Fundamental change in the nature of the business
d. All the above