Indian Partnership Act MCQ Quiz in मराठी - Objective Question with Answer for Indian Partnership Act - मोफत PDF डाउनलोड करा

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.  

The correct answer is General duties of partners.

Key Points

• Section 9 of the Partnership Act, 1932, provides for the General Duties of Partners.
• It states that partners are bound to carry on the business of the firm to greatest common advantage, to be just and faithful to each other, and to render true accounts and full information of all things affecting the firm to any partner, his heir or legal representative. 

The correct answer is option 2

Key PointsSection 21 of the Indian Partnership Act, 1932 deals with Partner's Authority in an Emergency. 
A partner has authority, in an emergency, to do all such acts for the purpose of protecting the firm from loss as would be done by a person of ordinary prudence, in his own case, acting under similar circumstances, and such acts bind the firm. 

Additional Information

• Section 21 of the Indian Partnership Act, 1932 provides certain authority to partners in emergencies. This section deals with the implied authority of partners to act for the firm in emergency situations. It states that every partner is an agent of the firm and has the authority to do whatever is necessary for the purpose of carrying on the usual business of the firm in emergencies.
• This means that in situations where immediate action is required to protect the interests of the partnership or to prevent imminent harm or loss, partners are empowered to take necessary actions even if such actions are not expressly authorized in the partnership agreement. However, this authority is limited to actions that are deemed necessary and reasonable under the circumstances of the emergency.
• It's important to note that while partners have implied authority in emergencies, they are still expected to act in the best interests of the partnership and its stakeholders. If a partner exceeds their authority or acts negligently or recklessly, they may be held personally liable for any resulting damages or losses to the partnership.

The correct answer is option 1

Key PointsThe obligations of a partner in a partnership firm are primarily governed by the terms stipulated in the partnership agreement. This agreement, which can be written or oral, outlines the rights, duties, and responsibilities of each partner within the partnership.  

The obligations of a partner are determined as per the partnership agreement:

• Contribution of Capital: The partnership agreement typically specifies the amount of capital each partner is required to contribute to the partnership. This contribution may be in the form of cash, property, or services, as agreed upon by the partners.
• Allocation of Profits and Losses: The agreement defines how profits and losses are to be allocated among the partners. This allocation may be based on the partners' capital contributions, their ownership interests, or other criteria agreed upon by the partners.
• Management and Decision-Making: The partnership agreement outlines the management structure of the partnership and specifies the decision-making process. It may designate certain partners as managing partners with greater authority or provide for decision-making by consensus or majority vote.
• Scope of Authority: Partners' authority to act on behalf of the partnership is typically defined in the partnership agreement. This includes the types of transactions partners are authorised to undertake and any limits or restrictions on their authority.
• Duties of Loyalty and Care: The agreement may include provisions requiring partners to act in the best interests of the partnership and exercise reasonable care and diligence in carrying out their duties. This duty of loyalty often prohibits partners from engaging in activities that may conflict with the interests of the partnership.
• Duration of Partnership: The partnership agreement may specify the duration of the partnership and the conditions under which it may be dissolved or extended. It may also address procedures for admitting new partners or allowing for the retirement or expulsion of existing partners.
• Dispute Resolution: The agreement may include provisions for resolving disputes among partners, such as arbitration or mediation clauses, to facilitate the resolution of conflicts in a timely and efficient manner.
• Confidentiality and Non-Disclosure: Partners may be required to maintain the confidentiality of partnership affairs and refrain from disclosing sensitive information to third parties, as specified in the partnership agreement.

The correct answer is option 3 

Key PointsSection 25 of the Indian Partnership Act, 1932 talks about LIABILITY OF A PARTNER FOR ACTS OF THE FIRM.
Every partner is liable jointly with all the other partners and also severally, for all acts of the firm done while he is a partner. 

Additional Information

•  Joint and several liability means that each partner in the partnership is individually and collectively responsible for the debts and obligations of the partnership. This implies that creditors can choose to sue any one or more of the partners individually or collectively to recover debts owed by the partnership. In other words, each partner is liable for the full amount of the partnership's debts, not just a proportional share.
• This principle of joint and several liability is fundamental to the concept of partnership and is designed to ensure that creditors have an effective means of recovering debts owed by the partnership. It also underscores the importance of trust and responsibility among partners, as each partner's actions can potentially impact the entire partnership's financial obligations.