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Partnership Firm Organization Quiz

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Questions and Answers

What is a partnership firm?

A form of organisation where two persons carry on some business activity without any agreement

A form of organisation where one person carries on some business activity

A form of organisation where two or more persons carry on some business activity based on an agreement (correct)

A form of organisation where three or more persons carry on some business activity

What are the individual members of a partnership firm called?

Associates

Partners (correct)

Sole proprietors

Collaborators

In a partnership firm, what is the name under which the business is carried on called?

Company name

Business designation

Firm name (correct)

Firm title

Why do many persons join together to form a partnership firm?

To overcome limitations like limited capital and small business size Signup and view all the answers

How are profits or losses shared in a partnership firm?

In the ratio agreed upon by the partners Signup and view all the answers

Under which act are partnership firms governed in India?

Indian Partnership Act, 1932 Signup and view all the answers

Is registration compulsory for a partnership firm in India?

No, it is optional Signup and view all the answers

What is the benefit of registering a partnership firm?

To avail benefits like legal recognition and protection for the partners Signup and view all the answers

Partnership Firm Organization Quiz

Choose a study mode

Podcast

Questions and Answers

What is a partnership firm?

What are the individual members of a partnership firm called?

In a partnership firm, what is the name under which the business is carried on called?

Why do many persons join together to form a partnership firm?

How are profits or losses shared in a partnership firm?

Under which act are partnership firms governed in India?

Is registration compulsory for a partnership firm in India?

What is the benefit of registering a partnership firm?

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