Vol.(16) 2026: IBPS’ Bank Law Officer Entrance/ Promotion Exam- (1-Liners: Partnership-I)

Date of Upload:27.10.2026

1. Constitutional Source: Which List of the 7^th Schedule of the Indian Constitution empowers legislature to legislate on the matter relating to ‘partnership’—Concurrent List.
2. Constitutional Source: Which Entry of the 7^th Schedule of the Indian Constitution empowers legislature to legislate on the matter relating to ‘partnership’—Entry No. 7 of Concurrent List.
3. Minimum_______ numbers of partners are required in a partnership firm is—Min. 2-Partners.
4. There must be minimum two-partners in a partnership firm and in case the minimum number reduced to less than two, the said firm cases to be a partnership firm—True.
5. Maximum______numbers of partners can be in a partnership firm is—100 Partners. [As per Rule 10 of Companies (Misc.) Rules, 2014]
6. In case the number of members in a partnership firm exceed 100, there will be penalty upto Rs._______ on every members of the firm?—Rs. 1-Lakh [Sec. 464 of the Companies Act, 2013]
7. True/ False: In case the number of members in a partnership firm exceed 100, the partnership becomes an illegal associations—True.
8. As per Section_______of the Companies Act, 2013, in case the number of members in a partnership firm exceed 100, there will be penalty upto Rs.1-Lakh on every members of the firm—Sec. 464 of the Companies Act, 2013.
9. The Indian Contract Act, 1872 shall continue to apply to partnership firms. It is so mandated under Section_______of the Partnership Act—Section 3.
10. As per Section________of the Partnership Act, 1932, the Indian Contract Act, 1872 shall continue to apply to partnership firms—Section 3.
11. The expression “partnership”, “partner”, “firm” and “firm name” are defined under Section_______of the Partnership Act, 1932—Section 4.
12. “Partnership” is the ______ between persons who have agreed to share the profits of a business carried on by all or any of them acting for all—Relation. [Refer Section 4].
13. Persons who have entered into partnership with one another are called individually—Partners. [Refer Section 4]
14. Persons who have entered into partnership with one another are called collectively a—Firm. [Refer Section 4]
15. The name under which partnership business is carried on is called the—Firm Name. [Refer Section 4]
16. True/ False: The relation of partnership arises from contract and not from status—True.
17. True/ False: Two partnership firms can not enter into a partnership because a partnership firm is not a separate legal entity—True.
18. The relation of partnership arises from contract and not from status. Such provision is contained under Section______of the Partnership Act—Section 5.
19. The members of a Hindu undivided family (HUF) carrying on a family business as such are not partners in such business—True. [Refer Section 5]
20. As per Section_______of the Partnership Act, the members of a Hindu undivided family (HUF) carrying on a family business as such are not partners in such business—Section 5.
21. A Burmese Buddhist husband and wife carrying on business as such are not partners in such business—True. [Refer Section 5]
22. As per Section_______of the Partnership Act, a Burmese Buddhist husband and wife carrying on business as such are not partners in such business—Section 5.
23. Section_______of the Partnership Act, 1932 deal with mode of determining existence of partnership—Section 6.
24. In determining whether a group of persons is or is not a firm, regard shall be had to the ______ between the parties, as shown by all relevant facts taken together—Real “Relation”. [Refer Section 6]
25. In determining whether a person is or is not a partner in a firm, regard shall be had to the _______ between the parties, as shown by all relevant facts taken together—Real “Relation”. [Refer Section 6]
26. True/ False: Mere sharing of profits or of gross returns arising from property by persons holding a joint or common interest in that property does not of itself make such persons partners—True. [Refer Expl. 1 to Sec.6]
27. True/ False: The receipt by a person of a share of the profits of a business, does not of itself make him a partner with the persons carrying on the business—True. [Refer Expl. 2 to Sec.6]
28. True/ False: The receipt by a person of a payment contingent upon the earning of profits or varying with the profits earned by a business, does not of itself make him a partner with the persons carrying on the business—True. [Refer Expl. 2 to Sec.6]
29. True/ False: The receipt of or payment by a servant or agent as remuneration, does not of itself make the receiver a partner with the persons carrying on the business—True. [Refer Explanation to Sec.6]
30. True/ False: The receipt of such share or payment by the widow or child of a deceased partner, as annuity, does not of itself make the receiver a partner with the persons carrying on the business—True. [Refer Explanation to Sec.6]
31. True/ False: The receipt of such share or payment by a previous owner or part owner of the business, as consideration for the sale of the goodwill or share thereof, does not of itself make the receiver a partner with the persons carrying on the business—True. [Refer Explanation to Sec.6]
32. Section 7 of the Partnership Act deals with—Partnership at Will.
33. Section _____of the Partnership Act deals with “Particular Partnership”—Section 8.
34. A person becoming a partner with another person in particular adventures or undertakings, is known as—Particular Partnership. [Sec.8]

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