Law of Partnership MCQ Quiz in मराठी - Objective Question with Answer for Law of Partnership - मोफत PDF डाउनलोड करा

The correct answer is Section 34.

Key Points

• Section 34 of The partnership Act, 1932, provides for the Insolvency of a Partner.
• It states that: (1) Where a partner in a firm is adjudicated an insolvent, he ceases to be a partner on the date on which the order of adjudication is made, whether or not the firm is thereby dissolved.
  (2) Where under a contract between the partners the firm is not dissolved by the adjudication of a partner as an insolvent, the estate of a partner so adjudicated is not liable for any act of the firm and the firm is not liable for any act of the insolvent, done after the date on which the order of adjudication is made. 

The correct answer is with the consent of all the partners for the time being.

Key Points

• Section 30 of The Partnership Act, 1932, provides for Minors Admitted to the Benefits of Partnership.
• It states that: (1) A person who is a minor according to the law to which he is subject may not be a partner in a firm, but, with the consent of all the partners for the time being, he may be admitted to the benefits of partnership.
  (2) Such minor has a right to such share of the property and of the profits of the firm as may be agreed upon, and he may have access to and inspect and copy any of the accounts of the firm.
  (3) Such minor's share is liable for the acts of the firm but the minor is not personally liable for any such act.
  (4) Such minor may not sue the partners for an account or payment of his share of the property or profits of the firm, save when severing his connection with the firm, and in such case the amount of his share shall be determined by a valuation made as far as possible in accordance with the rules contained in section 48 :
  Provided that all the partners acting together or any partner entitled to dissolve the firm upon notice to other partners may elect in such suit to dissolve the firm, and thereupon the Court shall proceed with the suit as one for dissolution and for settling accounts between the partners and the amount of the share of the minor shall be determined along with the shares of the partners.
  (5) At any time within six months of his attaining majority, or of his obtaining knowledge that he had been admitted to the benefits of partnership, whichever date is later, such person may give public notice that he has elected to become or that he has elected not to become a partner in the firm, and such notice shall determine his position as regards the firm :
  Provided that, if he fails to give such notice, he shall become a partner in the firm on the expiry of the said six months.
  (6) Where any person has been admitted as a minor to the benefits of partnership in a firm, the burden of proving the fact that such person had no knowledge of such admission until a particular date after the expiry of six months of his attaining majority shall lie on the person asserting that fact.
  (7) Where such person becomes a partner - (a) his rights and liabilities as a minor continue upto the date on which he becomes a partner, but he also becomes personally liable to third parties for all acts of the firm done since he was admitted to the benefits of partnership, and (b) his share in the property and profits of the firm shall be the share to which he was entitled as a minor.
  (8) Where such person elects not be to become a partner, -
  (a) his rights and liabilities shall continue to be those of a minor under the section upto the date on which he gives public notice;
  (b) his share shall not be liable for any acts for the firm done after the date of the notice; and
  (c) he shall be entitled to sue the partners for his share of the property and profits in accordance with sub-section (4).
  (9) Nothing in sub-sections (7) and (8) shall affect the provisions of section 28. 

The correct answer is Holding out.

Key Points

• Section 28 of The Partnership Act, 1932, provides for Holding Out.
• It states that: (1) Anyone who by words spoken or written or by conduct represent himself, or knowingly permits himself to be represented, to be a partner in a firm, is liable as a partner in that firm to anyone who has on the faith of any such representation given credit to the firm, whether the person representing himself or represented to be a partner does or does not know that the representation has reached the person so giving credit.
  (2) Where after partner's death the business continued in the old firm-name, the continued use of that name or of the deceased partner's name as a part thereof shall not of itself make his legal representative or his estate liable for any act of the firm done after his death. 

The correct answer is both 1) and 2).

Key Points

• Section 19 of The Partnership Act, 1932, provides for the Implied Authority of Partner as Agent of the Firm.
• It states that: (1) Subject to the provisions of section 22, the act of a partner which is done to carry on, in the usual way, business of the kind carried on by the firm, binds the firm. The authority of a partner to bind the firm conferred by this section is called his "implied authority".
  (2) In the absence of any usage or custom of trade to the contrary, the implied authority of a partner does not empower him to -
  (a) submit a dispute relating to the business of the firm to arbitration,
  (b) open a banking account on behalf of the firm in his own name,
  (c) compromise or relinquish any claim or portion of a claim by the firm,
  (d) withdraw a suit or proceeding filed on behalf of the firm,
  (e) admit any liability in a suit or proceeding against the firm,
  (f) acquire immovable property on behalf of the firm,
  (g) transfer immovable property belonging to the firm, or
  (h) enter into partnership on behalf of the firm. 

The correct answer is Partner to be agent of the firm.

Key Points

• Section 18 of The Partnership Act, 1932, provides for the Partner to be agent of the firm.
• It states that Subject to the provisions of this Act, a partner is the agent of the firm for the purposes of the business of the firm. 

The correct answer is remain the same as they were immediately before the change.

Key Points

• Section 17 of The Partnership Act, 1872, provides for Rights and Duties of Partners After a Change in the Firm.
• It states that Subject to contract between the partners,-
  (a) where a change occurs in the constitution of a firm, the mutual rights and duties of the partners in the reconstituted firm remain the same as they were immediately before the change, as far as may be;
  (b) AFTER THE EXPIRY OF THE TERM OF THE FIRM.
  where a firm constituted for a fixed term continues to carry on business after the expiry of that term, the mutual rights and duties of the partners remain the same as they were before the expiry, and so far as they may be consistent with the incidents of partnership-at-will; and
  (c) WHERE ADDITIONAL UNDERTAKINGS ARE CARRIED OUT.
  where a firm constituted to carry out one or more adventures or undertakings carries out other adventures or undertakings, the mutual rights and duties of the partners in respect of the other adventures or undertakings are the same as those in respect of the original adventures or undertakings. 

The correct answer is Section 14.

Key Points

• Section 14 of The Partnership Act, 1932, provides for The Property of the Firm.
• It states that: Subject to contract between the partners, the property of the firm includes all property and rights and interest in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm for the purposes and in the course of the business of the firm, and includes also the goodwill of the business.
  Unless the contrary intention appears, property and rights and interest in property acquired with money belonging to the firm are deemed to have been acquired for the firm. 

The correct answer is contract, status.

Key Points

• Section 5 of The Partnership act, 1932, provides for Partnership not created by status.
• It states that the relation of partnership arises from contract and not from status; and, in particular, the members of a Hindu undivided family carrying on a family business as such, or a Burmese Buddhist husband and wife carrying on business as such are not partners in such business. 

The correct answer is Section 13.

Key Points

• Section 13 of the Partnership Act, 1932, provides for the Mutual Right and Liabilities.
• It states that: Subject to contract between the partners -
  (a) a partner is not entitled to receive remuneration for taking part in the conduct of the business;
  (b) the partners are entitled to share equally in the profits earned, and shall contribute equally to the losses sustained by the firm;
  (c) where a partner is entitled to interest on the capital subscribed by him, such interest shall be payable only out of profits;
  (d) a partner making, for the purposes of the business, any payment or advance beyond the amount of capital he has agreed to subscribe, is entitled to interest thereon at the rate of six per cent. per annum;
  (e) the firm shall indemnify a partner in respect of payments made and liabilities incurred by him
  (i) in the ordinary and proper conduct of the business; and
  (ii) in doing such act, in an emergency, for the purpose of protecting the firm from loss, as would be done by a person of ordinary prudence, in his own case, under similar circumstances; and
  (f) a partner shall indemnify the firm for any loss caused to it by his willful neglect in the conduct of the business of the firm. 

The correct answer is a majority of the partners.

Key Points

• Section 12 of the Partnership Act, 1932, provides for The Conduct of Business.
• It states that: Subject to contract between the partners -
  (a) every partner has a right to take part in the conduct of the business;
  (b) every partner is bound to attend diligently to his duties in the conduct of the business;
  (c) any difference arising as to ordinary matters connected with the business may be decided by a majority of the partners, and every partner shall have the right to express his opinion before the matter is decided, but no change may be made in the nature of the business without the consent of all the partners;
  (d) every partner has a right to have access to and to inspect and copy any of the books of the firm;
  (e) in the event of the death of a partner, his heirs or legal representatives or their duly authorised agents shall have a right of access to and to inspect and copy any of the books of the firm.