CA Foundation · Businesslaw · Partnership — True / False

Exercise and reference answers

Questions

1. Statement is true

   No

   Statement

   A partnership firm must always be registered to come into existence.

2. Statement is true

   Yes

   Statement

   Maximum number of partners is 50 (general partnership).

3. Statement is true

   Yes

   Statement

   Partnership is governed by the Indian Partnership Act, 1932.

4. Statement is true

   No

   Statement

   A minor can be a full partner with all rights and liabilities.

5. Statement is true

   Yes

   Statement

   Partnership at will may be dissolved by any partner with notice.

6. Statement is true

   No

   Statement

   Sleeping partner cannot share in profits.

Instructions

Decide each Partnership Act statement.