Q99. The relation of the partners of a firm to one another arises through a _________between them.
a. agreement
b. goodwill
c. implied
Answer
a. agreement
Q100. Section 14 further provides that the property of a firm, subject to the contract between the partners, includes the _________of the business.
a. goodwill
b. implied
c. sleeping
Answer
a. goodwill
Q101. Sections 19 and 22 deal with the subject of _________authority of a partner.
a. implied
b. sleeping
c. Partnership at Will
Answer
a. implied
Q102. A _________partner is one who does not take an active part in the business of the firm.
a. sleeping
b. Partnership at Will
c. Outgoing
Answer
a. sleeping
Q103. A partnership entered into for a fixed period of time, the partners still carry on the business even after the expiry of the fixed period so the partnership becomes_________
a. Partnership at Will
b. Outgoing
c. dissolution
Answer
a. Partnership at Will
Q104. _________partner means a partner who has retired from a firm.
a. Outgoing
b. dissolution
c. court
Answer
a. Outgoing
Q105. When the relationship existing between all the partners of the firm comes to an end, it is called _________of the firm.
a. dissolution
b. court
c. Limited Liability
Answer
a. dissolution
Q106. If a partner is guilty of conduct which is likely to affect prejudicially the carrying on of the business of the firm, the _________may order dissolution.
a. court
b. Limited Liability
c. nominal
Answer
a. court
Q107. In a _________Partnership one partner is not responsible or liable for another partner’s misconduct or negligence.
a. Limited Liability
b. Joint
c. Friendship
Answer
a. Limited Liability
Q108. In the case of a company limited by shares, the liability of members is limited to the _________value of shares held by them.
a. nominal
b. articles
c. certificate of formation
Answer
a. nominal
Q109. One or more persons may form an LLC by signing _________of formation in prescribed form and filing them with the Registrar.
a. articles
b. certificate of formation
c. legal
Answer
a. articles
Q110. A LLC is formed on the date specified in the _________issued by the Registrar under subsection (6).
a. certificate of formation
b. legal
c. company
Answer
a. certificate of formation
Q111. A corporation is an association of persons, incorporated according to the law of the land and clothed with _________personality.
a. legal
b. company
c. body corporate
Answer
a. legal
Q112. An artificial person is created and devised by laws for the purpose of the society and is known as _________
a. company
b. body corporate
c. Articles
Answer
a. company
Q113. Where an association is incorporated, it becomes a _________acquiring a legal entity.
a. body corporate
b. Articles
c. Common seal
Answer
a. body corporate
Q114. The shares of a company are transferable in the manner provided in the _________of the company.
a. Articles
b. Common seal
c. subscribers
Answer
a. Articles
Q115. _________is the official signature of a company.
a. Common seal
b. subscribers
c. corporate veil
Answer
a. Common seal
Q116. A company is at law a different person altogether from the_________
a. subscribers
b. corporate veil
c. shareholders
Answer
a. subscribers
Q117. Where a company has been formed for some fraudulent purpose, the court will lift the _________to identify the perpetrator of the fraud.
a. corporate veil
b. shareholders
c. incorporation
Answer
a. corporate veil
Q118. Where the company is acting as agent of the shareholders, then the _________ will be held liable for its acts.
a. shareholders
b. incorporation
c. income-tax
Answer
a. shareholders
