Ch 4: Elements of Law Relating to Partnership and Limited Liability Partnership — Chapter Test
CSEET
📚 Business Laws & Management
📖 Ch.4 — ELEMENTS OF LAW RELATING TO PARTNERSHIP AND LIMITED LIABILITY PARTNERSHIP
⭐ V1: Previous Year Question (PYQ)
⚡ Free Mode (Answers Locked)
⏱ Duration: 25 Mins
🎯 Total Marks: 20
Passed at: 10 Marks
Max Attempts: 10
Standard ICSI CSEET objective examination for Elements of Law Relating to Partnership and Limited Liability Partnership. 20 MCQs with instant scoring and detailed explanations.
📑 Exam Questions
20 Questions • Total 20 MarksQuestion 1:
1 Marks
Which of the following is considered the true test of partnership under the Indian Partnership Act, 1932?
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Question 2:
1 Marks
A partner who contributes capital, shares profits and losses, but does not take an active part in the management of the firm is known as a:
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Question 3:
1 Marks
If a partnership firm is not registered under the Indian Partnership Act, 1932, which of the following is a direct consequence?
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Question 4:
1 Marks
What is the minimum number of designated partners required in a Limited Liability Partnership (LLP) as per the LLP Act, 2008?
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Question 5:
1 Marks
A Limited Liability Partnership (LLP) is considered a separate legal entity from its partners. This implies that:
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Question 6:
1 Marks
A person who, by words spoken or written or by conduct, represents himself, or knowingly permits himself to be represented, as a partner in a firm, is known as a:
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Question 7:
1 Marks
Which of the following is a fundamental right of every partner in a partnership firm, in the absence of any agreement to the contrary?
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Question 8:
1 Marks
One of the primary advantages of a Limited Liability Partnership (LLP) over a traditional partnership firm is:
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Question 9:
1 Marks
A partnership is deemed to be a 'partnership at will' if:
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Question 10:
1 Marks
Out of the minimum two designated partners in an LLP, at least how many must be residents in India?
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Question 11:
1 Marks
Every partner is bound to carry on the business of the firm to the greatest common advantage, to be just and faithful to other partners, and to render true accounts and full information of all things affecting the firm to any partner. This describes which aspect of partnership?
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Question 12:
1 Marks
The mutual rights and duties of partners in an LLP, and the mutual rights and duties of the LLP and its partners, are governed by:
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Question 13:
1 Marks
The relationship between persons who have agreed to share the profits of a business carried on by all or any of them acting for all is called:
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Question 14:
1 Marks
A key feature of a Limited Liability Partnership (LLP) that distinguishes it from a traditional partnership is its perpetual succession. This means:
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Question 15:
1 Marks
A minor can be admitted to the benefits of a partnership firm:
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Question 16:
1 Marks
A Limited Liability Partnership (LLP) combines the advantages of a company with those of a partnership firm. This makes it a:
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Question 17:
1 Marks
For a valid partnership to exist, there must be an agreement to carry on a 'business'. What does 'business' imply in this context?
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Question 18:
1 Marks
Compared to a private limited company, the compliance requirements for a Limited Liability Partnership (LLP) are generally:
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Question 19:
1 Marks
The principle of 'mutual agency' in a partnership means that:
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Question 20:
1 Marks
A Limited Liability Partnership (LLP) is a 'body corporate' under the LLP Act, 2008. This characteristic means it has:
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