Chapter 5: Hindu Undivided Family and Partnership — Online MCQ Test
COMMERCE · CLASS 11th · Tamil Nadu State Board
Practice Chapter 5: Hindu Undivided Family and Partnership with a free chapter-wise online MCQ test.
This chapter covers: This chapter details joint Hindu family businesses and partnership dynamics. Students examine partnership deeds partner rights and duties partner types registration processes and d....
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Chapter 5: Hindu Undivided Family and Partnership — Important Questions & Answers
The head of the Joint Hindu Family business is known as:
- A. Manager
- B. Karta
- C. Partner
- D. Director
Answer: B. Karta
In a Hindu Undivided Family business, the eldest male member who manages the business is called the Karta.
In a Hindu Undivided Family business, the eldest male member who manages the business is called the Karta.
Which Act governs the partnership firms in India?
- A. Indian Partnership Act, 1956
- B. Companies Act, 2013
- C. Indian Partnership Act, 1932
- D. Contract Act, 1872
Answer: C. Indian Partnership Act, 1932
The Indian Partnership Act of 1932 regulates the formation and functioning of partnership firms in India.
The Indian Partnership Act of 1932 regulates the formation and functioning of partnership firms in India.
A document containing terms and conditions of partnership is called:
- A. Memorandum of Association
- B. Articles of Association
- C. Partnership Deed
- D. Provisional Agreement
Answer: C. Partnership Deed
The Partnership Deed is a written document that specifies the rights, duties, and obligations of the partners.
The Partnership Deed is a written document that specifies the rights, duties, and obligations of the partners.
If the Karta dies, the business continues. This feature is known as:
- A. Perpetual Succession
- B. Limited liability
- C. Mutual agency
- D. Individual ownership
Answer: A. Perpetual Succession
Unlike partnership firms, a Joint Hindu Family business enjoys perpetual succession, meaning the death of the Karta does not dissolve the business.
Unlike partnership firms, a Joint Hindu Family business enjoys perpetual succession, meaning the death of the Karta does not dissolve the business.
In the context of the Tamil Nadu State Board syllabus, what is the impact of non-registration of a partnership firm?
- A. The firm is illegal.
- B. The firm cannot sue third parties for recovery of claims.
- C. Partners are personally exempted from all liabilities.
- D. The firm is exempt from paying income tax.
Answer: B. The firm cannot sue third parties for recovery of claims.
A non-registered firm faces legal disabilities, most notably the inability of the firm or its partners to sue third parties for breach of contract.
A non-registered firm faces legal disabilities, most notably the inability of the firm or its partners to sue third parties for breach of contract.