10 Questions
What happens when a partner in a partnership firm transfers their share to a third party?
The third party is entitled to the transferred share
Who gets entitled to the share when a partner transfers it to a third party?
The third party
What is the result of a partner transferring their share to a third party?
The third party gets entitled to the transferred share
To whom can a partner in a partnership firm transfer their share?
To any third party
What is the effect of a partner transferring their share to a third party on the partnership firm?
The partnership firm remains unchanged
What is the name of the new regulatory authority introduced by the Central Government?
National Authority for Financial Reporting
What is the primary function of the National Authority for Financial Reporting?
To recommend and enforce accounting and auditing standards
Under which section of the Companies Act, 2013 was the National Authority for Financial Reporting introduced?
Section 132
What is the purpose of the National Authority for Financial Reporting's monitoring function?
To ensure compliance with accounting and auditing standards
What is the scope of the National Authority for Financial Reporting's powers?
Recommendation and enforcement of accounting and auditing standards
Test your understanding of partnership firms by answering questions about the entitlement of a third party when a partner transfers their share. Learn about the rights and obligations of partners and third parties in such transactions. Get ready to assess your knowledge of partnership law and business agreements!
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