What is meant by ˜partner by estoppel'? Explain.
When a person, by words spoken or written or by conduct, represents himself or herself, or consents to another representing him or her to anyone, as a partner in an existing partnership or with one or more persons not actual partners, he or she is liable to any such person to whom such representation has been made, who has, on the faith of such representation, given credit to the actual or apparent partnership and, if he or she has made such representation or consented to its being made in a public manner, he or she is liable to such person, whether the representation has or has not been made or communicated to such person so giving credit by or with the knowledge of the apparent partner making the representation or consenting to its being made, as follows:
X is interested in the floatation of a company. Briefly discuss the steps he should take.
Compare the status of a minor in a Joint Hindu Family Business with that in a partnership firm.
What do you mean by incorporation of a company? What are the steps involved in corporation of a company?
Discuss the characteristics, merits and limitations of the cooperative form of organization. Also describe briefly different types of cooperative societies.
For which of the following types of business do you think a partnership firm of organization would be more suitable, and why?
(i) Grocery store (ii) Medical store
(iii) Legal consultancy (iv) Craft centre
(v) Internet cafe (vi) Chartered accountancy firm
Is registration of partnership firm compulsory? What are the consequences of non-registration?
What do you understand by a.sole proprietorship firm? Explain its merits and limitations.
Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organization. Why?
For which of the following types of business do you think a sole proprietorship firm of organization would be more suitable, and why?
(i) Grocery store (ii) Medical store
(iii) Legal consultancy (iv) Craft centre
(v) Internet cafe (vi) Chartered accountancy firm
Explain the following terms in brief:
(i) Perpetual succession (ii) Common seal
(iii) Karta (iv) Artificial person
If registration is optional, why do partnership firms willingly go through this legal formality and get themselves registered? Explain.
Why is partnership considered by some to be a relatively unpopular form of business ownership? Explain the merits and limitations of partnership.
Differentiate between: