Partnership Organization Quiz
15 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

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?

    <p>Earning and sharing profits among certain persons</p> Signup and view all the answers

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

    <p>Breakdown of the relationship between members</p> Signup and view all the answers

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

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

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

    <p>Commitment contract</p> 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?

    <p>2</p> Signup and view all the answers

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

    <p>Deterioration of the relationship between members</p> Signup and view all the answers

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

    <p>Relationship</p> Signup and view all the answers

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

    <p>Commitment</p> Signup and view all the answers

    What is the main foundation of a partnership business?

    <p>Relationship</p> 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?

    <p>2</p> Signup and view all the answers

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

    <p>Deterioration of relationship between members</p> Signup and view all the answers

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

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

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser