📝 One-liners · 66 cards
PARTNERSHIP FIRMS & MOA and AOA, DOCTRINE OF ULTRAVIRE, INDOOR MANAGEMENT, CONSTRUCTIVE NOTICEAND RTI
What is the minimum number of persons required to form a partnership firm under the Indian Partnership Act, 1932?
A minimum of two persons are required to form a partnership firm. The maximum limit is 50 partners as per the Companies Act, 2013.
What is the maximum number of partners allowed in a partnership firm under the Companies Act, 2013?
Maximum 50 partners allowed in a partnership firm.
Which Act governs partnership firms in India?
Partnership firms in India are governed by the Indian Partnership Act, 1932. It defines partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
What is a 'nominal partner' in a partnership firm?
A partner who lends name but contributes no capital or management.
🔒
Unlock 66 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for PARTNERSHIP FIRMS & MOA and AOA, DOCTRINE OF ULTRAVIRE, INDOOR MANAGEMENT, CONSTRUCTIVE NOTICEAND RTI.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days