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CAIIB SUCCESS
Class-11 Date: 10 Nov. 2023
Class Time: 7 PM
(BRBL Module-D Part-2)

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1. Which of the following statements is correct for partnership firms?
(a) The contract between the partners may be oral or written.
(b) The partnership must be formed to carry on some lawful business.
(c) There must be a mutual relation of ‘agency’ between the partners.
(d) All of the above

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2. DEF was set up to take over the deposits of accounts that have not
been claimed or operated for a period of
(a) 7 or more years
(b) 15 or more years
(c)12 or more years
(d) 10 or more years

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3. Where no provision is made by a contract between the partners for the
duration of their partnership, the partnership is known __________
a) Partnership at will
b) Partnership for fixed period
c) Particular Partnership
d) None of the above

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4. Statement I: The partners can withdraw their share of profits from the
partnership firm at any time.
Statement II: The profits earned by the partnership firm can be distributed
among the partners in cash or kind.
Statement III: The partners are not entitled to interest on their capital
contribution.
(a) Only statement I is correct
(b) Only statement II is correct
(c) Statements II and III are correct
(d) All statements are correct

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5 . Which of the following statements is correct in relation to ‘Limited
Liability Partnership’?
a) LLP is a body corporate and a legal entity separate from its partners
b) No partner is liable on account of the independent or unauthorized
actions of other partners or their misconduct.
c) Every LLP has at least two partners and also has at least two individuals
as Designated Partners having Designated Partner Identification
Number (DPIN)
d) All of the above

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6. What is the meaning of the term "Holding Out" in the context of
partnership in a company in India?
(a) A partner who holds a significant share in the company
(b) when a person who is not at all a partner in a firm, either represents
himself, or knowingly permits himself to be represented, as a partner in a
firm
(c) A partner who holds back his profits from the company
(d) A partner who holds the right to veto major decisions of the company

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7. After a minor partner attains majority he/she has to decide within
_________ whether to continue or leave the partnership.
a) 1 month
b) 2 months
c) 3 months
d) 6 months

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8. A partnership firm is dissolved if _______
a) all the partners (except one) are adjudicated insolvent
b) by the happening of any event which makes it unlawful for the business
itself to be carried on
c) Any of the above
d) None of the above

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9. Which of the following statements is true?
a) A partner of an unregistered firm can file a suit against other partners
to get his share of profits.
b) The partners can mutually agree and dissolve the firm.
c) On the death of a partner the partnership firm is compulsorily
dissolved.
d) All are true

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10. Which of the following statements is true?
a) A company is an artificial legal person which is created by law and can
be dissolved by the law alone.
b) A company after incorporation is in law a single person, it has a distinct
legal personality.
c) An incorporated company never dies unless wound up as per the
applicable law.
d) All are true

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11. Minimum of ______ and maximum of _______ members can be there in
in case of a private limited company.
a) 2 , 100
b) 2, 200
c) 1 , 100
d) 3, 200

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12. Which type of company is required to have a minimum of 7 members?
(a) Public limited company
(b) Private limited company
(c) One person company
(d) None of the above

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13. Statement I: Registration of a company is compulsory under the Companies Act,
2013. Registration of a partnership is not compulsory under the Indian Partnership Act,
1932.
Statement II: Minimum number of two persons is required to form a partnership. The
maximum number shall not exceed one hundred
Statement III: The company is managed by a board of directors elected by the
shareholders. A partnership is managed by the partners.
(a) Only Statement I is true.
(b) Statements I and II are true.
(c) Only Statement III is true.
(d) All of the above are true.

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14. The Memorandum of Association of a company specifies its
_________, while the Articles of Association outline its __________.
(a) Shareholders, objectives
(b) Objectives, shareholders' rights
(c) Board of Directors, management structure
(d) Management structure, Board of Directors' duties

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15. _________ states that every outsider is assumed to have read the memorandum
of association and articles of association.
a) Doctrine of ultra vires
b) Doctrine of constructive notice
c) Doctrine of indoor management
d) None of the above

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