Practice Test

Q1) The Partnership Act, 1932 deals with ______. Show Answer

Q2) The Partnership Act, 1932 came into force on______ Show Answer

Q3) The Partnership Act extends to_____ Show Answer

Q4) Partnership is the relation between persons who have agreed to share the profits of a business carried on by ______ Acting for all. Show Answer

Q5) In order that persons may become partners, it is essential that ________ Show Answer

Q6) Which of the following are the essentials of partnership? Show Answer

Q7) Persons who have entered into partnership with one another are called individually ________ Show Answer

Q8) persons who have entered into partnership with one another are collectively called _______ Show Answer

Q9) The name under which partnership business is carried on is called________ Show Answer

Q10) A firm is the name of________ Show Answer

Q11) Partnership firm is separate legal entity apart of its partners Show Answer

Q12) A partnership firm cannot use the word "Limited" as a part of its name Show Answer

Q13) One of the essential elements partnership is that there must be a contract between ________ Show Answer

Q14) Unless there are at least two persons there cannot be a partnership Show Answer

Q15) Person entering into partnership contract may be________ Show Answer

Q16) Section 5 of the Act states that the relation of partnership arises from________ Show Answer

Q17) In which of the following case there is no partnership? Show Answer

Q18) An agreement between the partners may be________ Show Answer

Q19) Partnership agreements may be expressed________ Show Answer

Q20) Partnership agreement must be________ Show Answer

Q21) As per Section 2 (a) of the Act the term "business" includes every _______ Show Answer

Q22) Which of the following purpose is permissible in a partnership? Show Answer

Q23) To constitute a partnership, the parties must have agreed to carry on business and to share profit in common Show Answer

Q24) Sharing of profits also involves sharing of losses. Show Answer

Q25) Sharing of profits is a_________evidence of the existence of partnership Show Answer

Q26) The sharing of profit arising from property, by persons holding a joint or common interest in that property, does not of itself make such those persons, Partners. Show Answer

Q27) To form a partnership, the parties should share__________ Show Answer

Q28) Sharing of profits implies sharing of losses as well, unless agreed otherwise. Show Answer

Q29) Which of the arrangement indicates a partnership? Show Answer

Q30) The true test of existence of partnership lies in_________ Show Answer

Q31) As per mutual agency principal each partner is______ Show Answer

Q32) In determining whether a group of person is or is not a firm or whether a person is or is not a partner in a firm, regard shall be had to_______ Show Answer

Q33) A minor may be admitted to the benefits of a partnership with the consent of______ Show Answer

Q34) As relations of partners inter seare that of agency, no considerations is required to create the partnership. Show Answer

Q35) The partnership deed is also called as_______ Show Answer

Q36) A partner may be________ Show Answer

Q37) When two or more persons agrees to do business in a particular adventure or undertaking, such a partnership is called______ Show Answer

Q38) A particular partnership______ Show Answer

Q39) 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 called_______ Show Answer

Q40) A partnership is deemed to be a partnership at will when_______ Show Answer

Q41) Where the partnership is at will, the firm may be dissolved by_______giving notice in writing to all the other partners of his intention to dissolve the firm Show Answer

Q42) Where the partnership is at will, the firm may be dissolved by any partner giving notice in writing to _______of his intention to dissolve the firm Show Answer

Q43) Where the partnership is at will, the firm is dissolved as from_______ Show Answer

Q44) Co-ownership is not always the result of an agreement: it may arise_______ Show Answer

Q45) A co-owner is ______of the other co-owner(s). Show Answer

Q46) A and B are joint owner of a house. They rent it out to C and divide the net rent equally. A & B are________ Show Answer

Q47) Partnership is created by agreement. Whereas right in joint family is created by status i.e. by birth of a male child in the family. Show Answer

Q48) There is no restriction as to maximum number of members of HUF. Show Answer

Q49) Registration is required for HUF. Show Answer

Q50) All partners are equally entitled to a right of management of the business whereas right of management of joint family business generally vests in_______ Show Answer

Q51) HUF is governed by_______ Show Answer

Q52) Every partner is personally liable for the debts of the firm; in a joint family business only _______ Is personally liable Show Answer

Q53) A minor is a member of a joint family firm from the _______by virtue of his status, but he is not personally liable. Show Answer

Q54) A partner_______ the accounts of the firm. Show Answer

Q55) A co-parcener_______ ask for accounts Show Answer

Q56) A partnership firm has no separate existence apart from its members. Whereas a company is a _______ distinct from its member. Show Answer

Q57) Partnership is governed by Partnership Act, 1932. Whereas a company is governed by _______ Show Answer

Q58) Registration of partnership is not compulsory but registration of company is______ Show Answer

Q59) Minimum capital for partnership is not specified under Partnership Act, 1932 but minimum capital for private company is Rs. ______. And for public company is Rs. _______. Under the companies Act, 2013 Show Answer

Q60) Minimum two persons are required to from partnership but minimum number of member required to form a company are; in case of private company _____ & in case of public company_______ Show Answer

Q61) Affairs of company are managed by______ Show Answer

Q62) A partner can transfer his interest so as to substitute the transferee in his place as the partner, without the consent of all the other partners, a member of company cannot transfer his share to any one he likes. Show Answer

Q63) A change in the nature of the business can only be brought about by the consent of________ Show Answer

Q64) Where a partnership firm is formed for a particular undertaking or undertakings, it proceeds to carry on other undertaking or undertakings, in that event the mutual_____Of the partners in respect of the other adventures or undertaking are the same as those in respect of the original adventures of undertakings. Show Answer

Q65) It is open to the partners to agree among themselves as to______ although employed for the purpose of the firm. Show Answer

Q66) In the absence of any such agreement, express or implied, the property of the firm is deemed to include______ Show Answer

Q67) The property of the firm belongs to the firm and not to the individual partner or partners. Show Answer

Q68) Property of the firm shall be held by use of the partners_______ Show Answer

Q69) ______are the ordinary types of partners who invest money into the business of the firm, actively participate in the functioning and management of the business and share its profits or losses. Show Answer

Q70) ______are those who invest money in the firm's business and take their share of profits but do not participate in the functioning and management of the business Show Answer

Q71) Person who do not invest or participate in the management of the firm but only give their name to the business or firm are known as______ Show Answer

Q72) A partner who is entitled to share in the profits of a partnership firm without being liable to share the losses, is called a_______ Show Answer

Q73) Which of the following partner can retire without giving public notice? Show Answer

Q74) When partner of a firm agrees to share his own share of profits with an outsider, it called_______ Show Answer

Q75) A sub-partner can bind the firm or other partners by his acts Show Answer

Q76) Sub-partner has no rights or duties towards the firm and does not carry any liability for the debts of the firm. Show Answer

Q77) 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. Show Answer

Q78) The law relating to Partners by holding out is contained in section 28, which lays down thus: "Any one who by words,______represents him self, or knowingly permits himself to be represented to be a partner in a firm, is liable as a partner in that firm to anyone who has on the faith of any such representation given credit to the firm, whether the person representing himself or represented to be a partner does or does not know that the representation has reached the person so giving credit". Show Answer

Q79) 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_______ Show Answer

Q80) A introduces B to C as 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_______ Show Answer

Q81) A partner who has not entered into a partnership agreement and conducts or represents himself as a partner in a firm is called _______ Show Answer

Q82) Which of the following partners are not liable in relation to the firm? Show Answer

Q83) Rohit is not a partner in a particular firm. But, he represents himself or knowingly permits himself to be represents 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? Show Answer

Q84) A, B and C are partner 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 India Partnership Act, 1932 decide whether X would succeed in recovering the loan from D. Show Answer

Q85) A and B entered into an agreement to carry on a business of manufacturing and selling toys. Each one of them contributed Rs. 35 lakhs as their capital with a condition that A and B will share the profits equally, but the loss, if any is to be borne by A alone. Referring to the provision of the Indian Partnership Act, 1932 decide whether there exists a partnership between A and B. Show Answer

Q86) For admitting a minor into the benefits of the partnership, which of the following is required? Show Answer

Q87) Minor partner is entitled to his agreed share and can inspect books of account of the firm Show Answer

Q88) Within_______period on his attaining majority or obtaining knowledge that he has been admitted to the benefits of the partnership, whichever is later, a minor may give public notice of his decision to continue or withdraw from the firm Show Answer

Q89) Failure by a minor to give public notice within 6 months will have the following effect______ Show Answer

Q90) When the minor elects not to become a partner, his rights and liabilities Show Answer

Q91) When the minor elects not to become a partner, his share is not liable for any acts of the firm done_______ Show Answer

Q92) A minor is personally liable for the debts of the firm. Show Answer

Q93) 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. Show Answer

Q94) If minor becomes or elects to become a partner, his position will be _______ Show Answer

Q95) If minor becomes or elects to become a partner, his position will be _______ Show Answer

Q96) If minor elects not to become a partner, then: Show Answer

Q97) ______has a right to take part in the conduct and management of the business Show Answer

Q98) _______has a right of free access to all records, books and account of the business and also to examine and copy them Show Answer

Q99) Every partner whether active or dormant, has a right of free access to all _____ of the business and also to examine and copy them. Show Answer

Q100) Every partner is entitled to share in the profits ______unless different proportions are stipulated Show Answer

Q101) Where a partner has advanced any loan to the firm and the agreement provides for interest, but does not specify any rate, the rate shall be__________ Show Answer

Q102) A partner claims interest on capital Show Answer

Q103) Subject to contract between the partners, where a partner is entitled to interest on his capital, such interest shall be payable. Show Answer

Q104) Subject to contract between the partners, for taking part in the conduct of the business, a partner is_________. Show Answer

Q105) Every partner shall indemnify the firm for any loss caused to it by his willful neglect in the conduct of the firm's business. However, the parties may agree that some partners need not indemnify the firm Show Answer

Q106) Partners shall indemnify the firm for any loss caused to it by his?????in the conduct of the firm's business. Show Answer

Q107) A partner has no power to act in an emergency for protecting the firm from loss Show Answer

Q108) Every partner has a right to retire by giving notice where the partnership is at will Show Answer

Q109) which of the following is not a right of partner Show Answer

Q110) An incoming partner will be liable for debts or liabilities of the firm before he becomes a partner Show Answer

Q111) In good faith and based on the contract between partners, a partner may be expelled from the firm by ________. Show Answer

Q112) When a partner is expelled otherwise than in good faith, it is ______. Show Answer

Q113) The invalid expulsion of a partner gives him a right to claim damages. Show Answer

Q114) ABC & co., a firm consists of three partners A, B & C having one-third share each in the firm. According to A and B, the activities of C are not in the interest of the partnership and thus want to expel C from the firm. Advise A and B whether they can do so. Show Answer

Q115) When a partner is expelled otherwise than in good faith, it is null and void. He continues to be a partner Show Answer

Q116) The outgoing partner cannot carry on a competing business or advertise such business Show Answer

Q117) Every partner is bound to carry on the business of the firm to the ______. Show Answer

Q118) Which of the following is not covered by general duties of partners? Show Answer

Q119) Which of the following is not covered by general duties of partners? Show Answer

Q120) A partner can make secret profits Show Answer

Q121) Every partner must account for any benefits derived from the partnership business without the consent of the other partner Show Answer

Q122) Which of the following statement is incorrect? Show Answer

Q123) Every partner is bound to attend ________ to his duties, in the conduct of the business Show Answer

Q124) In the absence of an agreement to the contrary, every partner is bound to share losses _________. Show Answer

Q125) Property of the firm shall be held by use of the partners ________. Show Answer

Q126) Every partner is bound to indemnify the firm for any loss caused by _______ in the conduct of the business Show Answer

Q127) For loss caused to the firm by his fraud in the conduct of the business, every partner shall __________. Show Answer

Q128) _______ can assign or transfer his partnership interest to any other person, so as to make him a partner in the business Show Answer

Q129) A partner may assign the profits and share in the partnership assets. Show Answer

Q130) Which of the following statement is correct in relation to assignment of profit by partner? Show Answer

Q131) A and B, who work in partnership, deal in purchase and sale of cloth. B starts cloth manufacturing business individually. A files a suit against B for sharing of profit of cloth manufacturing business with him. Will he succeed? Show Answer

Q132) Every partner is an agent of the _______ for the purpose of the business of the firm, Show Answer

Q133) Every partner is an agent of the firm and of other partners for Show Answer

Q134) The acts of every partner who does any act for carrying on in the usual way the business of the kind carried on by the firm bind the firm and his partners unless: __________ Show Answer

Q135) This authority of partner may be _______. Show Answer

Q136) authority is said to be express when it is given by words, _______. Show Answer

Q137) Where authority of a partner is conferred by mutual agreement, it is called as __________. Show Answer

Q138) The implied authority of a partner is also known as __________. Show Answer

Q139) Where authority of a partner is not conferred by mutual agreement, but acts of partner which are exercised in ordinary course of business and which bind the firm are known ________ of partner Show Answer

Q140) To bind the firm under implied authority, the act must be done in the _______ of carrying on the firm's business Show Answer

Q141) Nitin, a partner of a firm dealing in computers gives an order for wine worth Rs.10,000 in firm's name. Discuss the liability? Show Answer

Q142) Which of this acts falls outside the implied authority? Show Answer

Q143) Which of this acts falls outside the implied authority? Show Answer

Q144) Which of these acts are within the implied authority of a partner? Show Answer

Q145) Which of these acts are within the implied authority of a partner? Show Answer

Q146) The partners, by mutual agreement, can ________ the implied authority of any partner. Show Answer

Q147) The implied authority of a partner may be ___________. Show Answer

Q148) Where there is no restriction on implied authority, any act done by a partner which falls within his implied authority, binds the firm, except _________. Show Answer

Q149) All partners are liable jointly and severally for all ________ binding on the firm including liabilities arising from contracts as well as torts (Section 25) Show Answer

Q150) All partners are liable jointly and severally for all acts or omissions binding on the firm including liabilities arising from ________. (Section 25) Show Answer

Q151) An act to be binding on the firm, it is necessary that the partner doing the act on behalf of the firm must have done that act _________. Show Answer

Q152) Every partner is liable for the ________ Of the other partner in the course of the management of business Show Answer

Q153) As a general rule, an incoming partner is_______For the debts incurred before he joined the firm as a partner Show Answer

Q154) As a general rule, an incoming partner is not liable for the debts incurred _______ Show Answer

Q155) As a general rule, an incoming partner is not liable for the debts incurred, however, he may liable for past debts if it is agreed between ________. Show Answer

Q156) The liability of a new partner generally commences from _________. Show Answer

Q157) Normally, a incoming partner is liable for all acts done by the firm even before his admission Show Answer

Q158) Where a new partner specifically agrees to bear past liabilities, third parties cannot hold a new partner liable since there is __________. Show Answer

Q159) Where a incoming partner specifically agrees to bear past liabilities, he will be liable for such liabilities to __________. Show Answer

Q160) An outgoing partner remains liable for the partnership debts _________. Show Answer

Q161) An outgoing partner remains liable for the partnership debts contracted while he was a partner. He may, however be discharged if it is agreed between _________. Show Answer

Q162) Retiring partner continues to be liable for acts of the firm done ________. Show Answer

Q163) Public notice of retirement should be given by _________. Show Answer

Q164) Where the continuing partner carry on the business of the firm, the outgoing partner whose claim is not settled, is entitled to _________. Show Answer

Q165) The estate of a partner who dies, or who becomes insolvent, is not liable for partnership debts contracted ________. Show Answer

Q166) The estate of a decreased partner is liable for any act of the firm done after his death Show Answer

Q167) Dissolution of partnership between all the partners of a firm is called __________. Show Answer

Q168) Any change in the relations of partners is called ________. This may happen due to admission, retirement or death of partner Show Answer

Q169) Business of firm is completely stopped, its assets are realized, liabilities paid off and surplus distributed among partners according to their share in firm's property. This is known as _________. Show Answer

Q170) A, B, C are partner on death of B, A and C continue the firm's business. This is a case of ________. Show Answer

Q171) In which of the following case the dissolution of partnership takes place? (even when there is no dissolution of the firm) Show Answer

Q172) In which of the following case the dissolution of partnership takes place? (even when there is no dissolution of the firm) Show Answer

Q173) A firm may be dissolved where _______ agree that it shall be dissolved. Show Answer

Q174) A partnership firm with one partner can continue. Show Answer

Q175) If all partners, or all but one partner of the firm are declared insolvent ________. Show Answer

Q176) A firm is compulsorily dissolved if ________. Show Answer

Q177) A, B and C are in partnership A and C are adjudicated insolvent, while B wants to continue the firm. Show Answer

Q178) A firm is compulsorily dissolved if _______. Show Answer

Q179) Where the partnership is at will, the firm may be dissolved at any time, by any partner giving notice in writing of his intention to dissolved the firm, to ________. Show Answer

Q180) In which of the following case, the court may at the suit of partner, dissolve a firm? Show Answer

Q181) In which of the following case, the court may at the suit of partner, dissolve a firm? Show Answer

Q182) In which of the following case, the court may at the suit of partner, dissolve a firm? Show Answer

Q183) The court may dissolve a firm if a partner ________ commits breach of agreements relating to management of the affairs of the firm or the conduct of the firm's business Show Answer

Q184) Firm may be dissolved ________. Show Answer

Q185) The Court may dissolve a firm if a partner conducts himself in such a way that if is not reasonably practicable for the other partners to carry on business in partnership with him Show Answer

Q186) If the firm has been continuously suffering losses and it is apparent that in future also the business cannot be carried on except at a loss, the Court cannot order dissolution of the firm Show Answer

Q187) Firm is automatically/ compulsory dissolved, if ________. Show Answer

Q188) In which of the following situations the firm will not be compulsorily dissolved? Show Answer

Q189) If at the time of admission partner pays premium then on dissolution, he is entitled to demand the return of a proportion of the premium if the partnership was for a fixed term and was dissolved before the expiry of that term, unless dissolution was caused by _______. Show Answer

Q190) In settling the accounts of a firm after dissolution, losses, including deficiencies of capital, shall be paid _________. Show Answer

Q191) Upon dissolution, the firm's assets shall be first applied in _________. Show Answer

Q192) Upon dissolution, the firm's assets shall be first applied in paying the debts of the firm to third parties, shall thereafter be applied in __________. Show Answer

Q193) Upon dissolution, the firm's assets shall be first applied in paying the debts of the firm to third parties, shall thereafter be applied in payment of partners loan, shall then be applied in payment of partners capital Show Answer

Q194) Upon dissolution, the firm's assets shall be first applied in paying the debts of the firm to third parties, shall thereafter be applied in payment of partners loan, shall then be applied in payment of partners capital and still surplus remains it should used for __________. Show Answer

Q195) Upon dissolution, which is the proper order for application of the firm's assets? I. Payment of partners loan, II. In paying the debts of the firm to third parties, III. Distribution of surplus to partners in profit sharing ratio, IV. Payment of partners capital Show Answer

Q196) The private property of a partner should be used to _________. Show Answer

Q197) Which of the following is prepared only at the time of dissolution of the firm? Show Answer

Q198) _______ rule is applicable at the time of any partner becoming insolvent Show Answer

Q199) Garner vs. Murray requires _________. Show Answer

Q200) In which of the following case Garner vs. Murray rule is not applicable? Show Answer

Q201) When the partners capital accounts are fixed, as per the decision in the Garner vs. Murray case, any loss arising due to the insolvent partners' capital accounts is to be borne by solvent partners in the ratio of _________. Show Answer

Q202) _______ may be described as the aggregate of those intangible attributes of a business which contribute to its superior earning capacity over a normal return on investment Show Answer

Q203) Which of the following is the right of buyer of goodwill? Show Answer

Q204) The vendors (partnership firm) may enter into competition with the purchaser unless he is prevented by a valid restraint clause in the contract of sale. Show Answer

Q205) Registration of firm does not create partnership, but is only the evidence of existence of partnership. Show Answer

Q206) A partnership firm has to be compulsorily registered in order to commence its business Show Answer

Q207) Registration of firm may be effected at any time during the continuance of partnership Show Answer

Q208) Which of the following is not required to be gives in an application for registration of a firm? Show Answer

Q209) Which of the following is not required to be gives in an application for registration of a firm? Show Answer

Q210) Application for registration of firms should be signed by _________. Show Answer

Q211) Application for registration of firms should be signed by _________. Show Answer

Q212) A partner of an unregistered firm can sue the firm or any other partner of the firm to enforce a right arising from a contract or a right conferred by the partnership Act. Show Answer

Q213) A partner of an unregistered firm can sue the firm or any other partner of the firm to enforce a right __________. Show Answer

Q214) An unregistered firm cannot file a suit against a third party to enforce any right arising from a contract. Show Answer

Q215) An unregistered firm suffers from the following disabilities- Show Answer

Q216) In which of the following case there is no bar on the right of third-parties to sue the firm or any partner. Show Answer

Q217) In which of the following case there is no bar on the right of third-parties to sue the firm or any partner. Show Answer

Q218) Non-registration of a firm does not affect the rights of the firm to institute a suit or claim of set-off not exceeding ________. Show Answer

Q219) An unregistered firm can bring a suit to enforce a right arising otherwise than out of contract e.g. for an injunction against a person for wrongful infringement of trade mark etc. Show Answer

Q220) A firm is merely a collection of partners and cannot bring a suit for lible or slander. Show Answer

Q221) N and Z, the co-owners of a house, use the house as a hotel managed either by themselves or by a duly appointed manager for their common profit. Is there a partnership relation between the parties?
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Q222) Identify the incorrect sentence.
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Q223) Which of the following statement is incorrect as to a minor's position in a partnership firm
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Q224) Which of this acts are within the implied authority?
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Q225) Which of the following conditions is necessary for the exercise of implied authority?
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Q226) Which of this acts falls outside the implied authority?
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Q227) Which of these acts are within the implied authority of a partner?
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Q228) P, Q and R as are in partnership Q dies on 15th June, which of the following statement is true?
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Q229) Firm's assets should be first used to pay_______
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Q230) LLP should have minimum Show Answer

Q231) The maximum number of partners LLP can have is Show Answer

Q232) Every limited liability partnership shall have at least _________ designated partners who are individuals Show Answer

Q233) At least ________ of the designated partners of every limited liability partnership shall be a resident in India. Show Answer

Q234) In absence of LLP Agreement, the mutual rights of Partners and in relation to LLP will be determined as per Schedule __________ of the LLP Act 2008. Show Answer

Q235) A Limited Liability Partnership whose contribution exceeds Rs ________ is required to annually get its accounts audited by any Chartered Accountant in practice. Show Answer

Q236) A Limited Liability Partnership whose turnover exceeds Rs ________ is required to annually get its accounts audited by any Chartered Accountant in practice Show Answer

Q237) LLP is governed by Show Answer

Q238) Following can become a partner in the LLP: Show Answer

Q239) A partner of LLP has the following right, only if provided in the LLP agreement Show Answer

Q240) Limited Liability Partnership Act, 2008 came into effect by way of notification dated________ DD-MM-YYYY Show Answer

Q241) “Designated partner” means any partner designated as such pursuant to section _______of Limited Liability Partnership Act, 2008. Show Answer

Q242) Every partner of a Limited Liability Partnership is, for the purpose of the business of the Limited Liability Partnership, the agent of the _________but not of the _______. Show Answer

Q243) Partner’s ________ entitled to any remuneration for participating in the management of LLP unless otherwise provided in the LLP Agreement. Show Answer

Q244) In case there is any change in name and address of partner he shall inform the same to LLP within__________ days of such change Show Answer

Q245) If any partner desires to resign from the partnership he shall inform the same by giving a ________ days notice to other partners. Show Answer

Q246) The Liability of partners in LLP is limited to the extent of their________. Show Answer

Q247) Any partner of the LLP _________ be liable for the wrongful act or omission of any other partner of the limited liability partnership Show Answer

Q248) Designated partners_________ entitled to any remuneration for their participation in management of LLP unless otherwise specifically provided in the LLP Agreement. Show Answer

Q249) Any vacancy arising in the office of designated partner shall be filled within __________ days. Show Answer

Q250) In case of conversion of Private Limited Company into LLP, all the __________ of the company must become partners in the LLP and no one else. Show Answer

Q251) Limited Liability Partnership who mandatorily requires auditing of their accounts shall appoint an auditor within _____ days before the end of each financial year Show Answer

Q252) In case if an auditor is unwilling to be re-appointed he shall give a notice in writing to that effect at the LLP’s registered office, not less than _________ days before the end of the time allowed for appointing the new auditor. Show Answer

Q253) LLP should have minimum 7 partners. Show Answer

Q254) LLP should have maximum 20 partners Show Answer

Q255) Foreign Nationals cannot be a partner in LLP. Show Answer

Q256) Insolvency of a partner of LLP automatically results in its dissolution Show Answer

Q257) Company incorporated outside India can become a partner in a LLP Show Answer

Q258) Company incorporated in India cannot become a partner in a LLP Show Answer

Q259) LLP incorporated in India cannot become a partner in a LLP. Show Answer

Q260) LLP incorporated outside India can become a partner in a LLP. Show Answer

Q261) An individual resident outside India cannot become a partner in a LLP Show Answer

Q262) Every partner of a Limited Liability Partnership is the agent of the Limited Liability Partnership. Show Answer

Q263) A partner of a Limited Liability Partnership is an agent of the other partners. Show Answer

Q264) The rights of a partner to a share of the profits and losses of the limited liability partnership in accordance with the Limited Liability Partnership agreement are transferable Show Answer

Q265) The Liability of Partners in LLP is limited to the extent of their contribution. Show Answer

Q266) Audit is not compulsory for all LLP’s. Show Answer

Q267) A Limited Liability Partnership must have a minimum of contribution of Rs 1 Lakh Show Answer

Q268) Every partner of a Limited Liability Partnership must have a share in the Contribution Show Answer

Q269) Contribution by a partner to LLP must be in cash or cheque only. Show Answer

Q270) LLP must maintain books of accounts on accrual basis only. Show Answer