Indian Partnership Act - Practice Test

[#306] Which kind of partnership one partner has unlimited liability and other partner have limited liability?

(A) Partnership-at-will

(B) Limited partnership

(C) General partnership

(D) Particular partnership

Correct Answer

(B) Limited partnership

[#307] Whether reference application to appoint arbitrator for taking partnership accounts can be converted into a suit for dissolution of partnership?

(A) Yes

(B) No

(C) Conditional

(D) Exceptional

Correct Answer

(B) No

[#308] A retiring partner having purchased his release from the remaining partners

(A) Is liable for the tort or some other wrong committed at the time when he was a member only if the action is instituted before his retirement

(B) Is liable for the tort or some other wrong committed at the time when he was a partner, if the action is instituted and decided before his retirement

(C) Is liable for the tort or some other wrong committed at the time when he was a partner, irrespective of whether the action is instituted before or after his retirement

(D) Is not liable for the tort or some other wrong committed at the time when he was a member having purchased his release from the remaining partners

Correct Answer

(C) Is liable for the tort or some other wrong committed at the time when he was a partner, irrespective of whether the action is instituted before or after his retirement

[#309] The partners A, B and C decided to carryon, the business of 'Coal Manufacturing' for a period of five years. However, they continued their partnership business inspite of the completion of 5 years. They

(A) Can continue to run the same partnership

(B) Should dissolve the partnership as the agreed period has expired

(C) Should take permission from the court to continue

(D) None of the above

Correct Answer

(A) Can continue to run the same partnership

[#310] A firm is compulsory dissolved

(A) By the adjudication of all the partners or of all the partners but one as insolvent

(B) By the happening of any event which makes it unlawful for the business of the firm to be carried on or for the partners to carry it on in partnership

(C) Either (A) or (B)

(D) By the consent of majority of the partners

Correct Answer

(C) Either (A) or (B)

Indian Partnership Act - Study Mode

[#306] Which kind of partnership one partner has unlimited liability and other partner have limited liability?

Correct Answer

[#307] Whether reference application to appoint arbitrator for taking partnership accounts can be converted into a suit for dissolution of partnership?

Correct Answer

[#308] A retiring partner having purchased his release from the remaining partners

Correct Answer

[#309] The partners A, B and C decided to carryon, the business of 'Coal Manufacturing' for a period of five years. However, they continued their partnership business inspite of the completion of 5 years. They

Correct Answer

[#310] A firm is compulsory dissolved

Correct Answer