T.Y B.COM
SEMESTER - 6
BUSINESS LAW - II
MCQS - UNIT 4
---> LIMITED LIABILITY PARTNERSHIP ACT, 2008
---> MSME ACT
LIMITED LIABILITY PARTNERSHIP ACT, 2008
1. A/an ________ is a hybrid organization that combines the benefits of a corporate structure with the organizational flexibility of partnership.
A. An LLP
B. A partnership
C. A joint stock company
D. MOA
2. In which business model both individuals and body corporate may join as partners?
A. An LLP
B. A partnership
C. A joint stock company
D. MOA
3. The external structure of the LLP is same as a "joint stock company". But, in terms of its internal affairs, it enjoys the freedom of a "traditional form of partnership". True or false?
A. True
B. False
C. Can't say
D. Difficult to say
4. The LLP is run by _______?
A. The BOD
B. The members
C. The designated partners
D. The partners
5. What are the Features of LLP?
A. Body Corporate
B. Separate legal entity
C. Perpetual Succession and Limited liability
D. All of the above
6. If any of its partners have been found that, they have intentionally acted to defraud the creditors or they have fraudulent purposes, then in such case
A. The liability of such partners is unlimited for all or any of the debts or liabilities of the LLP. Such partners are liable to discharge such liability or debt out of their own assets.
B. But, at the same time, no partner shall be liable for the negligence/misconduct of another partner, because the partners of LLP are not agents of one another.
C. All are liable equally
D. Both A and B
7. Audit of accounts is not mandatory except where......
A. The aggregate contribution exceeds Rs. 25 lakh or annual turnover exceeds Rs. 40 lakhs.
B. The aggregate contribution exceeds Rs. 20 lakh or annual turnover exceeds Rs. 40 lakhs
C. The aggregate contribution exceeds Rs. 40 lakh or annual turnover exceeds Rs. 60 lakhs
D. The aggregate contribution exceeds Rs.25 lakh or annual turnover exceeds Rs. 60 lakhs
8. A LLP cannot raise money from the public by means of a public issue. True or False?
A. True
B. False
C. Can't say
D. Difficult to say
9. Registration of an LLP?
A. Registration is Mandatory with register of Co.
B. Registration is not mandatory with register of Co.
C. Registration is OPTIONAL
D. Registration is Mandatory with register of PARTNERSHIP
10. It is body corporate with separate legal entity having capacity to sue and being sued by others. It is true in case of?
A. An LLP
B. A partnership
C. A joint stock company
D. Both A and C
11. Minimum 2 designated partners with one being and Indian. Dsp must have DPIN (Designated partner ld. Number). True or false?
A. True
B. False
C. Can't say
D. Difficult to say
12. There are provisions for conversion of any other form of business into LLP. True or false?
A. True
B. False
C Can't say
D. Difficult to say
13. What are the privileges of a "LLP" as against a "JSC"?
A. No need to classify the objects clauses, No framing of capital clause
B. No framing of Articles, Flexibility of change of business
C. No mandatory general meeting
D. All of the above
14. Who can be a partner in an LLP ?
A. An individual,
B. An Indian company, whether private or public,
C. A foreign company, an LLP registered in India, an LLP registered outside India.
D. All of the above
15. Who cannot be a partner in LLP?
A. A corporate sole,
B. a co-operative society, and
C. Any other person not specified in the list of persons who can become partners
D. All of the above
16. The "incorporation document" shall be
A. Submitted to the Registrar in "Form 2"
B. Along with prescribed fee and
C. Statement signed by one of the subscribers stating that requirements of the Act with regard to formation of the LLP have been complied with.
D. All of the above
17. What is / are true in relation to an LLP?
A. If LLP violates such direction of the Central Government, it is punishable with a fine of not less than 10000 rupees but which may extend to 5 lakhs rupees.
B. The designated partner of the LLP shall be punishable with a fine of not less than 10000 but which may extend to one lakh rupees.
C. Only A
D. Both A and B
18. If LLP fails to fulfill provisions related to publish the name then?
A. LLP is liable to a fine which shall not be less than 50000 rupees
B. Which may extend to 5 lakh rupees.
C. Both A and B
D. NONE
19. According to Rule 9 of the LLP Rules, 2009 when 3 person cannot be appointed as a designated partner?
A. Has at any time within the preceding five years been adjudged insolvent or
B. Suspends, or has at any time within the preceding five years suspended payment to his creditors or made a composition with them; or
C. Has been convicted by court for any offence involving moral turpitude and sentenced to imprisonment for not less than six months, or has been convicted by a court for an offence involving section 30 of the Act.
D. All of the above
20. Method of Appointment of Designated Partners
A. Naming of designated partner in the incorporation document
B. In accordance with the LLP Agreement
C. By the central government
D. Both A and B
21. Who is responsible for all compliances under Act and is liable for all the penalties imposed on the LLP for various contraventions of the provisions of the Act or of the LLP agreement ?
A. designated partners
B. all the partners of LLP
C. all the members
D. none
22. What is the provision for remuneration of designated partners?
A. The Act is silent regard the payment of remuneration to a designated partner
B. The Act provides 50000 remuneration
C. The Act is not clear on it
D. The Act is not applicable on it
23. The liability of designated partners is absolute and independent of the attribution of any criminal intent or knowledge of the contravention. True or false?
A. True
B. False
C. Partly true
D. Partly false
24. A LLP may appoint a designated partner within 30 days of the occurrence of a vacancy. The LLP shall obtain the consent of such person and file his particulars with the Registrar. True or false?
A. True
B. False
C. Partly true
D. Partly false
25. The partners of an LLP do not have mutual agency relationship. True or false?
A. True
B. False
C. Partly true
D. Partly false
MSME ACT
26. Which sector has provided significant contribution to the economy by creating more employment opportunities, generating higher production, increasing exports and introducing innovation and entrepreneurship skills etc.?
A. Large scale
B. Small scale only
C. MSME
D. None
27. _______ Enterprises are defined in terms of Investment in Plant and Machinery.
A. Manufacturing
B. Mining
C. Service
D. Trade
28. ________ are those enterprises, where the investment in Plant and machinery does not exceed 25 lakh rupees?
A. Micro Enterprises
B. Small Enterprises
C. Medium Enterprises
D. None
29. ________ are those enterprises, where the investment in Plant and machinery is more than 25 lakh but does not exceed 5 crore rupees?
A. Micro Enterprises
B. Small Enterprises
C. Medium Enterprises
D. None
30. _______ Are those enterprises, which are engaged in providing or rendering of services?
A. Manufacturing
B. Mining
C. Service
D. Trade
31. ______ Enterprises are defined in terms of investment in equipment?
A. Manufacturing
B. Mining
C. Service
D. Trade
32. ________ are those, where investment in Equipment is more than 2 crore rupees but does not exceed 5 crore rupees?
A. Micro Enterprises
B. Small Enterprises
C. Medium Enterprises
D. None
33. MSMEs contribute nearly ________ of the India's GDP _________ of manufacturing output and _________of the exports.
A. 8%, 45%, 40%
B. 45%, 8%, 40%
C. 40%, 45 %, 8%
D. 8%, 40%, 45 %
34. Examine both the statements and comment
1. They provide the large share of employment opportunities after agriculture.
2. They are the nurseries for entrepreneurship and innovation
A. Both the statements are true
B. Both are false
C. Only 1st is false
D. Only 2nd is true
35. ________ has launched large number of programmes to help the entrepreneurs and small business. Following institutes help the entrepreneurs to plan and set up their business.
A. The Ministry of the MSMES
B. The Ministry of the finance
C. The Ministry of the industry
D. The Ministry of the India
36. Which institutes help the entrepreneurs to plan and set up their business?
A. NIESBUD - National Institute for Entrepreneurship and Small Business Development
B. NI-MSME - National Institute for Micro, Small and Medium Enterprises.
C. TIE: Indian Institute of Entrepreneurship DCMSME: Development Commissioner
D. All of the above
37. The vision of the Ministry of MSMEs includes _______
A. To ensure an orderly and robust growth and development of MSMEs and
B. To continue and streng then the role of MSMEs as an engine of growth for Indian Economy
C. To provide employment
D. Only A and B
38. The mission of the Ministry includes
A. To promote the/growth and development of globally competitive MSMEs including Khadi, Village and Coir Industries through the cooperation of concerned Ministries, Departments, State Government and other stakeholders
B. To endeavor to achieve accumulative growth of 40 -50 % in the number of registered enterprises by the end of 12th plan and increase this sector's contribution in GDP from 8 % to 10 % by the end of 12" plan
C. To encourage development
D. Both A and B
39. objectives of the Ministry of MSMEs
A. The growth and development of existing MSMEs
B. Creation of new enterprises
C. Improving performance of PSU and Responsibility Centers
D. All of the above
40. Growth and development of Khadi, Village and Coir Industries is _______ of MSME ACT?
A. Objective
B. Mission
C. Vision
D. Future vision
41. Which are the Main services rendered by development commissioner to MSME?
A. To advise the government in policy formulation for the promotion and development of small scale
industries.
B. To provide techno economic and managerial consultancy, common facilities and extension services to the small scale units.
C. To provide facilities for technology up gradation, quality improvement and infrastructure development, to develop human resources through training and skill up gradation.
D. All of the above
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