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6.In which country only do you find Hindu Undivided Family Business?
Ans;- Joint Hindu family business is a specific form of business organisation found
only in
India.
10.Who is Karta?
Ans:- Karta is the eldest member of the H U F.
31.Name the type of company in which its shares are freely transferable.
Ans;- public company’s shares are freely transferable.
4.A Partner whose association with the firm is unknown to the general public is called
(a) Active partner (b)Sleeping partner (c)Nominal partner (d)Secret partner
Ans:- (d)Secret partner
8.The capital of a company is divided into a number of parts each one of which is called
(a) Dividend (b) Profit (c) Interest (d) Shares
Ans:- (d) Share
4.Define Partnership.
Ans:- The Indian Partnership Act, 1932 defines partnership as “the relation between persons
who have
agreed to share the profit of the business carried on by all or any one of them acting for all.”
9.Compare active partner with partner by estoppel by taking capital contribution and sharing
of profits and losses as bases.
Ans:-Active Partner will contribute Capital as well as sharing profits and losses of the
business whereas Partner by estoppels do not contribute capital as well as do not share profits
or losses of the business.
32. State the minimum and maximum number of members in a public company.
Ans;- Public company has a minimum of 7 members and no limit on maximum members;
33. State the minimum and maximum number of members in a private company
Ans:- Private company has a minimum of 2 and a maximum of 200 members.
34. State any two differences between public and private companies.
Ans;- Two differences between public and private companies are
(i) Private company restricts the right of members to transfer its shares whereas Public
company does not restricts the right of members to transfer its shares.
(ii) Private company does not invite public to subscribe to its share capital whereas Public
company invite public to subscribe to its share capital.