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Standard XII
Business Environment, Ethics and Management
Question

Identify which of the following statement is true and which is false?
(i) As relations of partners inter se are that of agency, no consideration is required to create the partnership,
(ii) Partnership and Joint Hindu Family both are created by status.
(iii) There is no restriction as to maximum number of members for HUF.
(iv) Registration is also required for HUF.
Select the correct answer from the options given.
  1. (i)-True, (ii)-False, (iii)-True, (iv)-False
  2. (i)-False, (ii)-True, (iii)-False, (iv)-True
  3. (i)-True, (ii)-False, (iii)-False, (iv)-True
  4. (i)-False, (ii)-True, (iii)-True, (iv)-False

A
(i)-True, (ii)-False, (iii)-True, (iv)-False
B
(i)-True, (ii)-False, (iii)-False, (iv)-True
C
(i)-False, (ii)-True, (iii)-True, (iv)-False
D
(i)-False, (ii)-True, (iii)-False, (iv)-True
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Solution
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(i) According to the partnership act, 1932, it is not necessary for the partners to register under any type of act.
(ii) Both partnership and joint hindu family business is created by the relations between the members of the business.
(iii) In joint hindu family business, there is no restriction for the maximum number of members in the business.
(iv) In joint hindu family business registration depends upon the members of the business as there is no compulsory registration under this business by any law.

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(i) As relations of partners inter se are that of agency, no consideration is required to create the partnership.
(ii) Partnership and Joint Hindu Family both are created by status.
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(iv) Registration is also required for HUF.
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