1. What is the minimum number of partners required to form a partnership under the Indian Partnership Act, 1932?
A. 1
B. 2
C. 3
D. 4
The minimum number of partners required to form a partnership under the Indian Partnership Act, 1932, is 2.
2. According to the Companies Act 2013, what is the maximum number of partners allowed in a partnership firm?
A. 50
B. 75
C. 100
D. 200
According to the Companies Act 2013, the maximum number of partners allowed in a partnership firm is 100.
3. Which of the following is NOT a method of dissolution of a partnership firm?
A. Dissolution by Court
B. Dissolution by Agreement
C. Dissolution by Operation of Law
D. Dissolution by Resignation
"Dissolution by Resignation" is not a recognized method of dissolution under the Indian Partnership Act, 1932.
4. Who among the following is NOT eligible to become a partner in a partnership firm?
A. Minor
B. Partnership Firm
C. Limited Company
D. Individual
A Minor is not eligible to become a partner in a partnership firm under the Indian Partnership Act, 1932.
5. Is registration of a partnership firm mandatory under the Indian Partnership Act, 1932?
A. Yes
B. No
Registration of a partnership firm is optional under the Indian Partnership Act, 1932.
6. Aisha wants to start a business with her two friends. They all agree to share the profits and losses equally. According to the Indian Partnership Act, 1932, how many partners are required at a minimum for their business?
A. 1
B. 2
C. 3
D. 4
A minimum of 2 partners is required to form a partnership according to the Indian Partnership Act, 1932.
7. A technology startup wants to form a partnership but needs to include a non-profit organization as one of the partners. According to the Indian Partnership Act, 1932, can the non-profit organization become a partner?
A. Yes
B. No
A non-profit organization cannot become a partner in a partnership firm according to the Indian Partnership Act, 1932.
8. A firm is being dissolved due to the retirement of one of the partners as per their mutual agreement. What method of dissolution is this?
A. Dissolution by Court
B. Dissolution by Agreement
C. Dissolution by Operation of Law
D. Dissolution by Notice
The firm is being dissolved by Agreement, as the dissolution is due to the retirement of a partner as per mutual agreement.
9. An individual who has recently been declared insolvent wants to join an existing partnership firm. According to the Indian Partnership Act, 1932, is this person eligible to become a partner?
A. Yes
B. No
An insolvent individual is not eligible to become a partner in a partnership firm according to the Indian Partnership Act, 1932.
10. A family business wants to include its Hindu Undivided Family (HUF) as a partner. Based on Supreme Court judgment, what is the status of HUF becoming a partner?
A. Allowed
B. Not Allowed
According to the Supreme Court judgment, a Hindu Undivided Family (HUF) cannot become a partner in a partnership firm.
