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Partnership Firm Share Transfer Entitlement

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Partnership Firm Share Transfer Entitlement

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Questions and Answers

What happens when a partner in a partnership firm transfers their share to a third party?

The third party is denied any entitlement

The third party is entitled to the transferred share (correct)

The partnership firm is dissolved

The third party has to purchase a new share

Who gets entitled to the share when a partner transfers it to a third party?

The partnership firm

The remaining partners

The transferring partner

The third party (correct)

What is the result of a partner transferring their share to a third party?

The third party becomes a partner

The third party gets entitled to the transferred share (correct)

The transferring partner loses their entitlement

The partnership firm is dissolved

To whom can a partner in a partnership firm transfer their share?

To any third party Signup and view all the answers

What is the effect of a partner transferring their share to a third party on the partnership firm?

The partnership firm remains unchanged Signup and view all the answers

What is the name of the new regulatory authority introduced by the Central Government?

National Authority for Financial Reporting Signup and view all the answers

What is the primary function of the National Authority for Financial Reporting?

To recommend and enforce accounting and auditing standards Signup and view all the answers

Under which section of the Companies Act, 2013 was the National Authority for Financial Reporting introduced?

Section 132 Signup and view all the answers

What is the purpose of the National Authority for Financial Reporting's monitoring function?

To ensure compliance with accounting and auditing standards Signup and view all the answers

What is the scope of the National Authority for Financial Reporting's powers?

Recommendation and enforcement of accounting and auditing standards Signup and view all the answers