Legal Aspects of Business MCQ Questions and Solutions with Explanations

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Legal Aspects of Business MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Legal Aspects of Business MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-3 section-9

Each section contains 100 MCQs on Legal Aspects of Business .

Consider the following statements regarding New Companies Act, 2013.
1. It replaced the Companies Act, 1956.
2. It has introduced concept of one person company.
3. It mandates corporate social responsibility for select class of companies.
Identify the correct statement.

A) Both 1 and 2 B) Both 2 and 3 C) Both 1 and 3 D) All of the above

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Who orders to call a EGM even though one member present in person or by proxy?

A) Registrar of Companies B) Central Government C) NCLT D) Department of Company Affairs

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

A company pays dividend

A) only on issued capital B) only on authorised capital C) only on paid-up capital D) no any of the above

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Which of the following type of organization is called hybrid organization?

A) Limited Liability Partnership B) General Partnership Organization C) Nidhi companies D) Public Limited Company

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Companies which need not frame their own Articles of Association are:

A) Public Companies Limited by Shares B) Private Companies Limited by Shares C) Companies Limited by Guarantee D) Unlimited Companies

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Where the board of directors does not file a declaration as to solvency of the company, the voluntary winding up is called:

A) the creditor's voluntary winding up B) the compulsory winding up by tribunal C) members voluntary winding up of a company D) none of these

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Which one of the following statements about limited liability partnerships is incorrect?

A) An LLP has a legal personality separate from that of its members B) The liability of each partner in an LLP is limited C) Members of an LLP are taxed as partners D) A limited company can convert to an LLP

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

A supplies to B, a lunatic, the 'necessaries' suitable to his condition in life. In this case

A) B's personally liable to pay B) B's property is liable C) B's parents are personally liable D) if B's property is not sufficient to reimburse, than he is personally liable

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

The maximum number of partners in a firm is fixed in:

A) Partnership Act, 1932 B) Companies Act, 1956 C) Contract Act, 1882 D) None of the above

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Which of the following right is not available personally against the buyer?

A) Right of lien B) Right of resale C) Suit for price D) Both A and B

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

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Legal Aspects of Business MCQ Questions and Solutions with Explanations | Commerce