Question : A partnership firm is compulsorily dissolved:

Option 1: When the business of the firm is declared illegal

Option 2: When a partner of the firm dies

Option 3: When a partner of the firm becomes insolvent

Option 4: When a partner transfers his share to some other person without the consent of other partners

Question : A partnership firm is compulsorily dissolved:

Option 1: When the business of the firm is declared illegal

Option 2: When a partner of the firm dies

Option 3: When a partner of the firm becomes insolvent

Option 4: When a partner transfers his share to some other person without the consent of other partners

Question : The dissolution of partnership between all the partners of a firm is called:

Option 1: Reconstitution of partnership firm

Option 2: Dissolution of partnership

Option 3: Dissolution of partnership firm

Option 4: Any of the above

Question : An existing partnership may accept a new partner -

Option 1: With the consent of majority of partners

Option 2: With the consent of all old partners

Option 3: With the consent of 2/3rd of old partners

Option 4: With the consent of any one partner

Question : Identify the circumstance under which a partnership firm is dissolved.

Option 1: When all or all but one partner of the firm become insolvent

Option 2: In case of change in agreement

Option 3: In case of death of a partner

Option 4: None of the above