[Solved] For ordinary business matters the decisions in the firm are taken on the basis of :

Q.	For ordinary business matters the decisions in the firm are taken on the basis of :
A.	Decision of majority of partners
B.	Unanimous decision of partners
C.	2/3 majority
D.	1/3 majority
Answer» A. Decision of majority of partners

1.2k

Do you find this helpful?

View all MCQs in

Fundamentals of Laws and Ethics

Discussion

No comments yet

Related MCQs

Identify the incorrect statements: (1) When a firm is constituted for a fixed duration it cannot be dissolved before the expiry of that duration. (2) A partnership at will can be dissolved by the wish of even a single partner. (3) When a partner of a firm becomes lunatic, the firm dissolves automatically. (4) Even after dissolution, partners of a firm continue to be liable for acts of the firm until the affairs of the firm are finally wound up. Code:
A, B and C are partners of an unregistered firm. D owns this firm ` 1000 on a contract. The firm filed a suit against D the suit is dismissed for non-registration of the firm. The firm is registered later on. In this case which one of the following statements is MOST appropriate.
Any dispute arising as to ordinary matters connected with the business may be decided by-
A leaves a firm doing a particular business in Mumbai. He agrees with the other partners of the firm not to start a similar business as that of the firm in and around Mumbai for 3 years. This agreement is
X leaves a firm doing a particular business in Delhi. He agrees with other partners of the firm not to start a similar business as that of the firm in Delhi for 2 yea` This agreement is
After a firm is dissolved, every partner or his representative may restrain any other partner or his representative from carrying on similar business in the firm's name or by using firm's property for own benefit, until:
As per section 38 when constitution of the firm is changed, the continuing guarantee given to the firm or to a third party in respect to the transactions of the firm:
Where the maximum number of partners in a firm carrying on banking business exceeds ten and in any other firm exceeds twenty, then the partnership becomes a:
Under Section 36 of this Act an outgoing partner may carry on business competing with that of the firm and he may advertise such business, but, subject to contract to the contrary he may not
The partners take decisions on the basis of majority in: