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

3

(a)

Explain the following terms in brief:
(i) Perpetual succession
(ii) Common seal
(iii) Karta
(iv) Artificial person

3

(a)

If registration is optional, why do partnership firms willingly go through this legal formality and get themselves registered? Explain.

3

(a)

How does a cooperative society exemplify democracy and secularism? Explain.

3

(a)

What is meant by 'partner by estoppel'? Explain.

3

(a)

Explain the concept of mutual agency in partnership with suitable example.

3

(a)

What is the role of Karta in Joint Hindu Family business?

3

(a)

Explain procedure of registering a partnership firm.

3

(a)

Is registration of partnership firm compulsory? What are the consequences of non-registration?

3

(a)

What are the steps required for raising funds from public?

3

(a)

Define Articles of Association. What are its contents?

3

(a)

Differentiate between Memorandum of Association and Articles of Association.

3

(a)

Define promoter. What are the functions of a promoter?

3

(a)

Explain the contents of Memorandum of Association.

3

(a)

Differentiate between Private and Public Company

3

(a)