Types, rights and duties of partners - class-XI
Dinesh becomes a partner in the firm by agreement but never takes active part in the conduct of the business of the firm, in this situation he is known as a ________.
Which of the following statements is true?
Balu, Lalu and Kalu are partners in a firm. They admit Malu as a minor partner to the benefit of partnership. Within 6 months of his attaining majority, he fails to give a public notice of his intention that he has become a fullfledged partner. On the other hand all other partners refuse to take him as a partner. In this case, which of the following statement is correct ?
A minor has some rights against his estate diving the age in which he is minor they are ___________.
Following persons can not be called partners ____________________.
At the time when a new partner enters, goodwill __________________.
A _________ partner is like an disclosed principal.
A sub-partner is a person ____________.
XYZ partnership firm is a partnership firm between A and B. C posed that he is a partner in XYZ and earned profits from the market. C will be regarded as ______________.
Minor may be admitted in the firm for ________.
When a minor attains majority, he is liable for _________.
Which one of the following can not be claimed as a matter of right by a partner?
A sub-partner is a person ___________.
A Minor in a Partnership is _________.
A Partner who has not entered into a Partnership agreement and conducts or represents himself as a Partner in a Firm is called _________.
A person who represents himself to be a partner but in reality he is not so, is known as a __________.
Holding out partner is based on the principle of _______.
A Nominal partner gets _______.
Dormant Partner is also known as ________.
A introduces B to C as a Partner in his business. B, in fact, was not a Partner but he did not deny the statement. C advanced a loan to A. A could not repay the loan. C can hold B responsible for the repayment of loan because __________.
Dormant partner ______________.
Retiring Partner continues to be liable for acts of the Firm done __________.
For the acts of the Firm ________.
A Retiring Partner is entitled to Profits of the Firm?
Retiring Partner may be discharged from liability to any third party for acts of Firm done before his retirement by ________.
In case of Partnership at Will, Notice of intention to dissolve the Firm may be served by ___________.
When a Partner is expelled otherwise than in good faith, it is ______.
Loss arising out of Partners' insolvency shall be made up by ___________.
Mission and Vision statements are NOT commonly used to__________.
Persons who have entered into partnership with one another are called individually __________________.
Each member of firm is individually known as ________________.
The private property of a partner should be used to ________.
Which of the following is not a form of organisation?
Which of the following statement is incorrect?
Which of the following people cannot be called partners?
Partners are ____________ of the firm.
A ____________ partner is like an undisclosed principal.
The members of partnership firm are individually called as ________.
For a minor to be admitted to a partnership firm _________.
A sub-partner is a person __________.
XYZ partnership firm is a partnership firm between A and B. C posed that he is a partner in XYZ and earned profits form the market. C will be regarded as ______.
Any partner who invests in the business but does not take active part in the business is ___________.
Each partner is __________.
Which type of partner is not personally liable?
A partner who is entitled to share in the profits of a partnership firm without being liable to the losses, is called _________.
When a minor attains majority, he is liable for ___________.
Minor may be admitted in the firm for ________.
A partner who is entitled to share in the profits of a partnership firm without being liable to the losses, is called ___________.
A person whose behaviour arouses misunderstanding that he is a partner in the firm but actually he is not,is called __________.
Which type of partners is not personally liable?
Partnership gives special protection to minors.
At the time when a new partner enters, Good will _________________________.
If the behavior of a person shows that he is a partner in a firm (when actually he is not), such a person is known as _________.
A _________ partner is like an undisclosed principal.
Towards goodwill a new partner at the time of admission contributed ___________________.
For a minor to be admitted to a partnership firm _____________.
As per partnership Act Minor on becoming major _______________.
A minor has some rights against his estate diving the age in which he is minor they are ___________.
New incoming partner pays his share of goodwill in cash, and profit sharing ratio of old partner is changed, Goodwill be distributed among old partners ____________.
Parties are not competent to contract if any of them is __________________.
Agency by Estoppel means ____________.
Who all can be co parceners in HUF____________.
The _________ is responsible for doing all acts, matters and things as are required to be done by LLP as per the Act.
Robert is a Sleeping Partner in a Firm. He detected a mistake in the accounts of the Firm. So he wants to check the complete accounts of the Firm. But the other Partners objected it. Is the objection is valid?
Co-ownership is not always the result of an agreement; it may arise ________.
Identify which of the following statement is true and which is false?
(i) As relations of partners inter se are that of agency, no consideration is required to create the partnership,
(ii) Partnership and Joint Hindu Family both are created by status.
(iii) There is no restriction as to maximum number of members for HUF.
(iv) Registration is also required for HUF.
Select the correct answer from the options given.
A change in the nature of the business can only be brought about by the consent of __________.
How you will classify partner who do not invest or participate in the management of the firm but only give their name to the business or firm?
A introduces B to C as a partner in his business. B, in fact, was not a partner but he did not deny the statement. C advanced a loan to A. A could not repay the loan. C can hold B responsible for the repayment of loan because _________________.
A person, who, by words spoken or written or conduct represents himself or knowingly permits himself to be represented as a partner in the firm is called _______________.
Which of the following partner can retire without giving public notice?
If the behaviour of a person arouses misunderstanding that he is a partner in a firm(when actually he is not), such a person is estopped from later on denying the liabilities for the acts of the firm. Such person is called ________ and is liable to all third parties.
A partner who has not entered into a partnership agreement and conducts or represents himself as a partner in a firm is called _____________.
A, B & C are partners in a firm. A introduces D to X as a partner in business. D, in fact, was not a partner in the firm's business. D did not deny this statement. X advanced a loan of Rs. $20$ lakhs to the firm. On firm's failure to repay the loan X wants to hold D responsible for the repayment of the above loan. Referring to the provisions of the Indian Partnership Act, $1932$ decide whether X would succeed in recovering the loan from D.
When the minor elects not to become a partner, his rights and liabilities _________.
When the minor elects not to become a partner, his share is not liable for any acts of the firm done _________.
For admitting a minor into the benefits of the partnership, which of the following is required?
Rohit is not a partner in a particular firm. But, he represents himself or knowingly permits himself to be represented as a partner of that particular firm to Sanjay, who on the faith of such a representation gives credit to the firm. Is Rohit liable as a partner in the firm?
Where a minor on attaining majority elects to become a partner, he does not becomes personally liable as other partners to the third parties for all the acts of the firm done since he was admitted to the benefits of partnership.
A minor is personally liable for the debts of the firm ________________.
If minor becomes or elects to become a partner, his position will be ____________________________.
Which of the following is NOT covered by general duties of partners?
Which of the following is not a right of partner?
Every partner is bound to attend _________ to his duties, in the conduct of the business.
___________ can assign or transfer his partnership interest to any other person, so as to make him a partner in the business.
Which of the following statement is correct in relation to assignment of profit by partner?
Which of the following statement is incorrect?
In the absence of an agreement to the contrary, every partner is bound to share losses ______________.
Property of the firm shall be held by use of the partners __________.
For loss caused to the firm by his fraud in the conduct of the business, every partner shall __________.
Every partner is an agent of the firm and of other partners for __________________.
Every partner is bound to attend ______ to his duties in the conduct of the business.
A partner who contributed capital in the Finn but does not actively participate in the working of the business is called ______________.