Nature Of Partnership MCQ Quiz in বাংলা - Objective Question with Answer for Nature Of Partnership - বিনামূল্যে ডাউনলোড করুন [PDF]

The correct answer is Option 3.

Key PointsIn the Guwahati High Court judgement of Commissioner of Income Tax vs. Kedarmall Keshardeo,1968, the court held that a contract deed is valid when a guardian enters into a partnership on behalf of the minor but again no liability should be imposed on the minor, even the income of a minor from the firm should not be considered for the purpose of income tax.

Additional Information Indian Partnership Act, 1932 defines persons as a partner who have agreed to share profits of the business carried on by all are any of them acting for all.

A minor is a person who hasn’t yet attainted the age of majority according to the Indian Majority Act, 1875. It is stated that a person who is domiciled in India will attain majority at the age of eighteen in the Indian Majority Act.

The Indian Partnership Act governs the admittance of a minor into the partnership in Section 30.

• This section deals with the rights and liabilities of a minor who is admitted un the partnership. A deeper reading of the provision, specifically Section 30(1) makes it very clear that a minor cannot be admitted in the partnership as a full-fledged partner, but with the consent of the other partners, a minor can be admitted in the partnership to the benefits of the partnership.

The correct answer is Non-contractual  relationship.

Key Points The characteristic of "non-contractual relationship" is not typically associated with a partnership. The other characteristics you mentioned—plurality of partners, sharing of profits, and the existence of a business—are indeed fundamental features of a partnership. Here's a brief explanation of each:

Plurality of Partners: A partnership typically involves two or more individuals or entities who come together to operate a business. The presence of multiple partners is a defining characteristic of a partnership, and it distinguishes it from sole proprietorships.

Sharing of Profits: Partnerships are formed with the intention of sharing both profits and losses generated by the business. This profit-sharing aspect is a fundamental element of partnership agreements and helps define the financial relationship among the partners.

Existence of Business: A partnership is created with the primary purpose of carrying on a business or trade. Partnerships are formed to engage in various commercial activities, whether it's a professional services partnership, a retail business partnership, or any other type of enterprise.

On the other hand, "non-contractual relationship" is not a characteristic of a partnership. Partnerships are inherently based on contractual agreements, typically in the form of a partnership agreement. This agreement outlines the terms and conditions under which the partnership operates, including the rights and responsibilities of each partner. The contractual nature of partnerships is a fundamental aspect of their formation and operation.