Partnership Organization Quiz

Play an AI-generated podcast conversation about this lesson

What is the main foundation of a partnership business?

Profit sharing

Consensus of opinion

Relationship (correct)

Legal contract

In legal terms, the promise to maintain a relationship is known as:

Opinion

Belief

Consensus

Commitment (correct)

How many members are required to form a partnership business?

At least 3 members

At least 5 members

Exactly 2 members (correct)

At most 100 members

What does the Indian Partnership Act, 1932 define as partnership?

Earning and sharing profits among certain persons Signup and view all the answers

What causes the end of an organization based on a relationship?

Breakdown of the relationship between members Signup and view all the answers

What is the basis of a partnership organization as described in the text?

Relationship based on like-mindedness, belief, or consensus of purpose Signup and view all the answers

What is the legal term for the promise to maintain a relationship?

Commitment contract Signup and view all the answers

According to the Indian Partnership Act, 1932, what is the minimum number of members required to form a partnership business?

2 Signup and view all the answers

What causes the end of a partnership organization according to the text?

Deterioration of the relationship between members Signup and view all the answers

What is the foundation of a partnership business as per the text?

Relationship Signup and view all the answers

What is the legal term for the promise to maintain a relationship?

Commitment Signup and view all the answers

What is the main foundation of a partnership business?

Relationship Signup and view all the answers

According to the Indian Partnership Act, 1932, what is the minimum number of members required to form a partnership business?

2 Signup and view all the answers

What causes the end of an organization based on a relationship?

Deterioration of relationship between members Signup and view all the answers

What does the Indian Partnership Act, 1932 define as partnership?

The relationship existing between certain persons who contract for the purpose of earning and sharing profits Signup and view all the answers

Partnership Organization Quiz

Podcast Beta

Questions and Answers

What is the main foundation of a partnership business?

In legal terms, the promise to maintain a relationship is known as:

How many members are required to form a partnership business?

What does the Indian Partnership Act, 1932 define as partnership?

What causes the end of an organization based on a relationship?

What is the basis of a partnership organization as described in the text?

What is the legal term for the promise to maintain a relationship?

According to the Indian Partnership Act, 1932, what is the minimum number of members required to form a partnership business?

What causes the end of a partnership organization according to the text?

What is the foundation of a partnership business as per the text?

What is the legal term for the promise to maintain a relationship?

What is the main foundation of a partnership business?

According to the Indian Partnership Act, 1932, what is the minimum number of members required to form a partnership business?

What causes the end of an organization based on a relationship?

What does the Indian Partnership Act, 1932 define as partnership?

More Quizzes Like This

Limited Liability Partnership (LLP) Learning Outcomes

Business Law and Partnership Quiz

Partnership Types in Business Law

Partnership Definition and Nature

Upgrade to continue