Types of Partners , Partnership and Companies

Q.

What is the maximum number of partners in a partnership firm?

1. 52

2. 51

3. 50

4. 49

Q.

Briefly explain the following types of parnership.

(i) Dormant Partner :

(ii) Active Partner

(iii) Nominal Partner

Q.

Discuss the types of partners.

Q.

Define a sleeping partner.

Q.

Explain the following terms in brief

(a) Perpetual succession

(b) Common seal

(c) Karta

(d) Artificial person

Q.

Can a minor become a partner of a firm? If so then specify the position of that partner.

Q. A company has a minimum of seven members and no maximum limit.

1. joint stock
2. private
3. public

Q.

Which documents is called 'constitution of the company'?

Q.

Can a minor be admitted as a partner in a firm? Explain the status of the minor in a partnership firm.

Q.

Shares of ___________ company are freely transferable. (a) Private Company (b) Public Company (c) Both (a) and (b) (d) None of these

Q.

Distinguish between a secret partner and nominal partner?

Q.

Is it essential for a private company to issue a prospectus or a statement in lieu of prospectus? Why or why not?

Q.

Which partner allows to use his /her name by a firm.

1. Nominal partner

2. Active partner

3. Secret partner

4. Dormant partner

Q.

Describe the following :

(a) Sleeping partner

(b) Secret partner

(c) Nominal partner

(d) Active partner

Q.

A partner who contributes capital but does not take part in the business management of a firm.

1. Nominal partner

2. Sleeping partner

3. Active partner

4. Secret partner

Q.

How Many Members Are in a Partnership?

Q.

What is called Parent of Company

Q.

A bill at sight has a grace period of.....…

Q.

In a partnership firm, the difference of opinion over some important matter can be settled

1. Senior partners

2. Majority of partners

3. Few partners

4. All the partners

Q. partner is one whose association or relation with the firm is not known to outsiders.

1. Nominal
2. Secret
3. Active
4. Dormant

Q.

Explain the following terms in brief

(i) Perpetual succession

(ii) Common seal

(iii)Karta

(iv) Artificial person

Q. A partner who is not exactly a partner in a firm but represents himself as a partner is known as ___

Q.

What is meant by 'partner by estoppel'? Explain.

Q.

In which form of public sector enterprise private individuals can also become the shareholders?

Q. All the liability of the members is___ to the extent of their share in the business in Joint Hindu family business

Q. The person who accepts that he is a partner in a partnership firm by his own words or conduct is known as.

1. estoppel partner
2. secret partner
3. nominal partner
4. active partner

Q. When it is not registered, a partnership firm is ________.

1. Deemed to be illegal organization and disallowed to carry on business
2. Allowed to carry on business subject to payment of penalty
3. Allowed to carry on business subject to certain disabilities
4. All of the above

Q. A company restricts the right of members to transfer their shares.

1. private
2. public
3. joint stock

Q. A partnership firm can be formed with a maximum number of __________ partners

1. 100
2. 20
3. 30
4. No such limit prescribed under the Act

Q. Partners who do not take part in the day to day activities of the business are called ___ partners.