Legal Aspects of Business MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 Section 10 Section 11

21.
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

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22.
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

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23.
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

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24.
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

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25.
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

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26.
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

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27.
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

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28.
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

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29.
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

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30.
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

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

21. 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.

Answer & Solution

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

Answer & Solution

23. A company pays dividend

Answer & Solution

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

Answer & Solution

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

Answer & Solution

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

Answer & Solution

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

Answer & Solution

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

Answer & Solution

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

Answer & Solution

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

Answer & Solution

Read More Section(Legal Aspects of Business)

21.
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.

22.
Who orders to call a EGM even though one member present in person or by proxy?

23.
A company pays dividend

24.
Which of the following type of organization is called hybrid organization?

25.
Companies which need not frame their own Articles of Association are:

26.
Where the board of directors does not file a declaration as to solvency of the company, the voluntary winding up is called:

27.
Which one of the following statements about limited liability partnerships is incorrect?

28.
A supplies to B, a lunatic, the 'necessaries' suitable to his condition in life. In this case

29.
The maximum number of partners in a firm is fixed in:

30.
Which of the following right is not available personally against the buyer?