Page 4 - Lesson Note 5

ASSIGNMENT_____

MULTIPLE QUESTIONS---------

1. Partnership can be started by at least :
(a) One person
(b) Two persons
(c) Three persons
(d) No limit
2. Liability of partners is :
(a) Unlimited
(b) Limited
(c) Limited to capital
(d) No liability
3. Registration of partnership is:
(a) Compulsory
(b) Optional
(c) Not applicable
(d) None of the above
4. Partnership and partners are:
(a) Separate
(b) Distinct
(c) Same
(d) None of the above
5. Partnership is suitable for:
(a) Large concerns
(b) Small concerns
(c) Small and medium concerns
(d) For every scale concerns

FILL IN THE BLANKS________

1. The liability of dormant partner is______.
2. A nominal partner_____ share profits of the partnership.
3. The acts of partners_____ bind the firm.

HOME ASSIGNMENT-----------

VERY SHORT Questions (1 mark each)

1. Name the form of organisation which can be started by two or more persons:
2. Can a minor be a partner in a firm?
3. Is written agreement among partners essential?
4. What type of contract partners have among themselves?
5. Can a partner transfer his share to a third party?
6. What is meant by partnership deed?