Features, Merits & Limitations of Partnership

Q.

What are the aims and objectives of the partnership firm?

Q.

Explain the concept of mutual agency in partnership with a suitable example.

Q.

What is contract of indemntiy ?

Q.

Who Is the CEO in a Partnership?

Q.

According to India Partnership Act 1932, it is not compulsory for a partnership firm to get itself registered, then why do partners prefer to get the firm registered ?

Q.

Discuss any four limitations of partnership.

Q.

Compare the status of a minor in a Joint Hindu Family Business with that in a partnership firm.

Q.

A partner whose association with the firm is unknown to the general public is called

(a) Active partner

(b) Sleeping partner

(c) Nominal partner

(d) Secret partner

Q.

What is meant by Joint Stock Company? Explain the merits of Joint Stock Company?

Q.

Discuss the various types of partners and indicate in which cases, the partners have unlimited liability ?

Q.

Divya Garments Ltd. has a loan of Rs. 10, 00, 000 to pay. They are short of funds so they are trying to find means to arrange funds. Their manager suggested to claim from insurance company against stock lost due to fire in the ware house. He actually meant that they can put their warehouse on fire and claim from Insurance company against stock insured. They will use the claim money to pay loan.

(a) Will the company receive claim if the surveyer from company comes to know the seal cause of fire?

(b) Which values did company ignore while planning to arrange money from false claim?

(c) Explain three elements of fire insurance

Q.

Define partnership.

Q.

Public-Private Partnership (PPP) main objective is to combine the skills, expertise and experience of both the public and private sector in the light of this statement, specify its main advantages.

Q.

Compare the status of a minor in a joint hindu family business with that ina partnership firm.

Q. In a partnership, there is liability and creditors can recover losses from the parters' personal property.

1. liable
2. jointly liable
3. not liable

Q.

A partnership is based on a ___ contract between two persons, who agree to share profits and losses of a business.

1. Legal

2. Social

3. Economical

4. Political

Q.

What Are Some Examples of Partnership Businesses?

Q.

Do you need a deed of partnership?

Q. In a organisation, the capital is contributed by a number of partners.

1. partnership
2. sole proprietorship
3. joint stock

Q.

The business assests of a organisation amount to Rs 20, 000 but the liabilities that remained uppaid are Rs 45, 000. What course of action can the creditors take if the organisation is a sole proprietorship firm ?

Q. The partnership deed usually contains______.

1. All of the above
2. Name and addresses of the firm and its main business
3. Names and addresses of all partners
4. Amount of capital to be contributed by each partner

Q. The liability of a hotel keeper is governed by Sections 151 and 152 of the Indian Contract Act, 1872 and is that of an ordinary bailee with regard to the property of the guests.

1. False
2. True
3. Partly true
4. None of the above

Q.

Which of the following factors is a disadvantage to a partnership firm?

1. Lack in continuity

2. Sharing of risks

3. More funds

4. Secrecy

Q. An association of persons becomes a partnership when its purpose

1. Is to contest elections
2. Is to carry on some charitable work
3. Is to carry on business for profit
4. Is to tyrannise the market and establish a monopoly

Q. A _______ is a person employed by, and acting under the control of, the original agent in the business of agency.

1. Substituted agent
2. Sub-agent
3. Pretended agent
4. Universal agent

Q. A can be formed only for the pupose of carrying on a legal business.

1. sole proprietorship
2. partnership
3. company

Q.

The risk involved in a partnership firm is reduced because ___________________.

1. Neither bears the cost and the bank takes care of the debt.

2. None of the above

3. Only one individual bears all the cost.

4. Each partner is equally and collectively involved in paying off the debt.

Q. Would you consider starting your own business?

Q.

What is the full form of PPP?

1. Public Private Partnerships

2. Private Public Partnership

3. Price People Place

4. Public Price Place

Q. Contracts which entered into, by Agents or trustees on behalf of a prospective Company before it has come into existence are called _______________.

1. Provisional Contracts
2. Pre-Incorporation Contracts
3. Both Provisional and Pre-Incorporation Contracts
4. None of the above