Indian Partnership Act, 1932 MCQ Quiz in తెలుగు - Objective Question with Answer for Indian Partnership Act, 1932 - ముఫ్త్ [PDF] డౌన్‌లోడ్ కరెన్

A partner has executed an agreement for sale of the immovable property of the firm without knowledge of other partner. Being outside implied authority of a partner the firm disowns liability to third party.

Under Section 7 of the Indian Partnership Act, 1932 “Where no provision is made by contract between the partners for the duration of their partnership, or for the determination of their partnership, the partnership is Partnership at will”.

The following can enter into a partnership:
1.    Individual: An individual, who is competent to contract, can become a partner in the partnership firm. If there are more than two partners in a firm, an individual can be a partner in his individual capacity as well as in a representative capacity as Karta of the Hindu undivided family.
2.    Firm: A partnership firm is not a person and therefore a firm cannot enter into partnership with any firm or individual. But a partner of the partnership firm can enter into partnership with other persons and he can share the profits of the said firm with his other co-partners of the parent firm.
3.    Hindu Undivided Family: A Karta of the Hindu undivided family can become a partner in a partnership in his individual capacity, provided the member has contributed his self acquired or personal skill and labor.
4.    Company: A company is a juristic person and therefore can become a partner in a partnership firm, if it is authorized to do so by its objects.
5.    Trustees: Trustees of private religious trust, family trust and trustees of Hindu mutts or other religious endowments are juristic persons and can therefore enter into partnership, unless their constitution or objects forbid.

Female can be admitted as a partner in firm but not in HUF.

Father and his minor son cannot make a valid partnership as per Partnership Act, 1932.

Indian Partnership Act, 1932 received assent of Governor General on 8th April, 1932.

As per Section 24 of the Indian partnership Act, 1932 “Notice to a partner who habitually acts in the business of the firm of any matter relating to the affairs of the firm operates as notice to the firm, except in the case of a fraud on the firm committed by or with consent of that partner”.

The correct answer is Option1

Key Points Section13
MUTUAL RIGHT AND LIABILITIES.
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. 

As Per section 14 of the Indian Partnership Act, 1932 “Subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm, or for the purposes and in the course of business of the firm, and includes also the goodwill of the business. Unless the contrary intention appears, property and rights and interests in property acquired with money belonging to the firm are deemed to have been acquired for the firm”.

The correct answer is A particular partnership

 Key Points As per section 8 of the Indian Partnership Act, 1932, “A person may become a partner with another person in particular adventures or undertakings”.