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A firm stands dissolve in the following cases
1. the partners agree that the firm should be dissolved.
2. the business becomes legal.
3. in case of partnership at will, a partner gives notice of dissolution.
4. the court orders dissolution.
Select the correct answer:

A firm stands dissolve in the following cases
1. the partners agree that the firm should be dissolved.
2. the business becomes legal.
3. in case of partnership at will, a partner gives notice of dissolution.
4. the court orders dissolution.
Select the correct answer: Correct Answer Only 2

Related Questions

Which of the following are correct regarding rights of partners?
1. A partner has the right to allow the admission of a new partner.
2. Every partner has a right to take part in the management of business.
3. Every partner has a joint ownership of partnership property.
4. Every partner has a right to share the profit not the losses with other partners.
5. Every partner has a right to inspect the books of account and have a copy of the same.
6. In case of emergency, a partner has a right to act as a man of prudence.
Select the correct answer:
The Propositions are:
(1) Where a partner of a professional business partnership borrows money in the usual and regular course of business stating that the money is to be used for partnership business but misappropriates it, the other partners shall be liable.
(2) Where money has been borrowed by a partner without authority, but has been applied to the legitimate business needs of the firm, the firm is liable.
(3) Where the act is within the scope of the implied authority of a partner, but it has been done by him, to the knowledge of the third party, not for the firm but for his own purposes, the firm is liable.
Which of the following is true in accordance with Indian Partnership Act, 1932 as to the aforesaid propositions?
A, B and C are partners in a firm. C retires and X admitted as a new partner. The firm did not give a public notice on the change but continued its business in its old firm name. Z, a customer of the firm, deals with the firm after the change and the firm becomes indebted to him:
Which of the following are the consequences in case of insolvency of partner?
1. The partner adjudicated as insolvent ceases to be a partner.
2. He ceases on the date on which the order of adjudication is made.
3. The firm is dissolved on the date of the order.
4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication.
5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication.
Select the correct answer:
A', 'B' and 'C' are partners in a partnership firm named A, B & C. 'A' retires from the firm without giving any public notice. Thereafter, an existing creditor lends Rs. ten lakh to the firm on the basis of his knowledge that 'A', 'B' and 'C' are the three partners in the firm. This amount remains unpaid by the firm. The creditor wants to recover the unpaid loan amount from the firm.
Rahim has invited his three buddies over to watch the basketball game on his wide-screen television. They are all hungry, but no one wants to leave to get food. Just as they are arguing about who should make the food run, a commercial comes on for a local pizzeria that delivers. The phone number flashes on the screen briefly and they all try to remember it. By the time Zachary grabs a pen and paper, each of them recollects a different number.i. All of the men agree that the first three numbers are 995.ii. Three of them agree that the fourth number is 9.iii. Three agree that the fifth number is 2.iv. Three agree that the sixth number is 6; three others agree that the seventh number is also 6.Which of the numbers is most likely the telephone number of the pizzeria?
Zachary has invited his three buddies over to watch the basketball game on his wide-screen television. They are all hungry, but no one wants to leave to get food. Just as they are arguing about who should make the food run, a commercial comes on for a local pizze-ria that delivers. The phone number flashes on the screen briefly and they all try to remember it. By the time Zachary grabs a pen and paper, each of them recollects a different number.

#1 : All of the men agree that the first three numbers are 995.
#2 : Three of them agree that the fourth number is 9.
#3 : Three agree that the fifth number is 2.
#4 : Three agree that the sixth number is 6; three others agree that the seventh number is also 6.

Which of the numbers is most likely the telephone number of the pizzeria?
The assets of the Partnership firm, including any sums contributed by the partners to makeup deficiencies of capital at the time of dissolution, shall be applied in the following manner and order: (A) In paying each partner rateably what is due to him for advances as distinguished from capital. (B) In paying to each partner rateably what is due to him on account of capital. (C) In paying the debts of the firm to third parties (D) Dividing among the partners in the proportion in which they were entitled to share profits. Choose the correct answer from the options given below:
In the company, there are two types of partner i.e working and sleeping partners. The commission paid by the company to their each working partner is 10 % of the total profit. There are two working partners who are paid Rs. 20000 each. The remaining profit is shared equally among the four partners. Find the amount paid to each sleeping partner in the business.
Which of the following is not an agreement in restraint of trade?
1. A sells the goodwill of his business with an agreement not to carry on a similar business within specified local limits, so long as the buyer carries on a similar business.
2. A sells the goodwill of his business with an agreement not to carry on a similar business within India, so long as the buyer carries on a similar business.
3. A sells the goodwill of his business with an agreement not to practice the same trade for 25 years.
4. A sells the goodwill of his business with an agreement not to engage in any business competing or liable to compete in any way with the business for the time being carried on by the buyer.