Business Law 2nd Edition Tejpal Sheth - Solutions

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According to ESI Act, 1948, an amount of is payable to the dependents or to the person who performs the last rites from day one of entering insurable employment.(i) $ 5,000/- (ii) $10,000/- (iii) $ 15,000/-(iv) $ 25,000/-
Under the ESI Act, 1948, temporary disablement benefit at the rate of of wage is payable, as long as the disability continues.(i) 70% (iii) 90%(ii) 80% (iv) 100%
Under the ESI Act, 1948, maternity benefit is payable for a period of .(i) 15 days (iii) 6 months(ii) 3 months (iv) 2 years
Under the ESI Act, 1948, sickness benefit is paid for a maximum period of up to in a year.(i) 45 days (iii) 60 days(ii) 91 days (iv) 78 days
Employees in receipt of a daily average wage up to are exempted from payment of contribution under the ESI Act, 1948.(i) $100/- (ii) $500/- (iii) $ 1,000/-(iv) $ 1,200/-
Under the ESI Act, 1948, what is the employer′s contribution rate in every wage period?(i) 1.75% (iii) 7.15%(ii) 4.75% (iv) 7.45%
Under the ESI Act, 1948, what is the employee′s contribution rate in every wage period?(i) 1.75% (iii) 7.15%(ii) 4.75% (iv) 7.45%
Who has the primary liability/responsibility to deposit (pay) the contribution of employee as well as employer to the ESI Corporation?(i) The principal employer (iii) The employee(ii) The immediate employer (iv) The permanent employee
The ESI Act, 1948, provides certain benefits to the employees in case of .(i) employment injury (iii) maternity(ii) sickness (iv) All the three.
The definition of ‘wages’ under the ESI Act, 1948, does not include .(i) cash remuneration paid by the employer(ii) payment for a lockout or strike which is not illegal(iii) payment for additional remuneration not exceeding two months(iv) Contribution paid by the employer to any pension fund or
Principal employer under the ESI Act, 1948, includes .(i) Owner or occupier of the factory or establishment(ii) Legal representative of a deceased owner or occupier(iii) Named manager of the factory or establishment(iv) All of the above
Principal employer under the ESI Act, 1948, includes .(i) Owner of the factory or establishment(ii) Occupier of the factory or establishment(iii) Managing agent of the occupier(iv) All of the above.
Definition of word ‘factory’ under ESI Act, does not include .(i) Mine (iii) Both of the above.(ii) Railway running shed (iv) None of the above.
means an employee who is not liable under this Act to pay the employee′s contribution.(i) Active employee (iii) Passive employee(ii) Exempted employee (iv) Dormant employee
Who is considered dependent of the deceased person under the ESI Act, 1948?(i) A widow of the deceased person(ii) A legitimate or adopted son of the deceased person who has not attained the age of 25 years(iii) Unmarried legitimate or adopted daughter(iv) All of the above.
What happens when the number of employees falls below 10? Can the factory or establishment escape from the application of the ESI Act, 1948?(i) The establishment does not have to apply the provisions of ESI Act, 1948(ii) The factory does not have to apply the provisions of ESI Act, 1948(iii) The
Who has power to make law on the subject matter of ‘employees′ insurance’?(i) Central Government (iii) Insurance department of government(ii) State Government (iv) Both (i) and (ii).
ESI Act is not applicable to(i) small factories where less than 20 workers (iii) factories located in village are employed(ii) seasonable factories (iv) None of the above.
Employees′ State Insurance Act requires contribution by .(i) employer (iii) Either (i) or (ii).(ii) employee (iv) Both (i) and (ii).
The Employees State Insurance Act is a legislation.(i) corporate welfare (iii) insurance oriented(ii) social welfare (iv) None of the above
What is an ESI Court?
Explain about maternity benefit available to a woman employee under ESI Act. (Ref. Para-27.5)
Which benefits are available to an insured person under ESI Act? (Ref. Para-27.5)
Who are required to make contribution under ESI Act? (Ref. Para-27.4)
Who is an insurable employee as per ESI Act? (Ref. Para-27.3)
Define ‘wages’.
Define ‘employee’.
Which establishment can be considered as seasonal factory under ESI Act? (Ref. Para-27.2)
Who is principal employer? (Ref. Para-27.2)
Explain about applicability about ESI Act.
A contribution of a partner to the capital of LLP may be(i) tangible or intangible (iii) Both of the above.(ii) movable or immovable property (iv) None of the above.
Any vacancy arising in the office of designated PArtner shall be filled within and the change shall be intimated to the registrar of companies.(i) One month (iii) 60 days(ii) 30 days (iv) 14 days
Who is required to file with the registrar, particulars of every individual who has given his consent to act as designated partner in prescribed form?(i) Partner (iii) LLP(ii) Designated partner (iv) Managing partner.
An individual can become a designated partner in any LLP if(i) he has given his prior consent (iii) Either (a) or (b).(ii) he has obtained a Director Identification (iv) Both (a) and (b).Number.
LLP shall have at least two designated partners who should be .(i) individuals (iii) Both of the above.(ii) a resident in India (iv) None of the above.
Who cannot be partner in LLP?(i) Person found to be of unsound mind.(ii) Person who is an undercharged insolvent(iii) Person who has applied for declaring as insolvent and his application is pending.(iv) Any of the above
Who can be partner of LLP?(i) Any individual (iii) Both of the above.(ii) Body corporate (iv) None of the above.
LLP can be wound up .(i) voluntarily (iii) by order of National Company Law Tribunal.(ii) Either (a) or (b) (iv) Neither (a) nor (b)
LLP is created by .(i) Agreement (iii) Parties(ii) Law (iv) Registrar
Which one of the following is most correct?(i) LLP is not body corporate (iii) LLP is a legal entity(ii) LLP is an entity (iv) LLP is a separate legal entity.
Which of the following statement(s) is/are incorrect?(i) LLP can be converted into company(ii) Only a private company can be converted into LLP(iii) Only unlisted public company can be converted into LLP(iv) All of the above.
Which of the following statement(s) is/are incorrect?(i) Partnership firm can be converted into LLP (iii) Company cannot be converted into LLP(ii) LLP can be converted into partnership (iv) None of the above.
Which of the following statement(s) is/are correct?(i) In the case of LLP, registration is optional.(ii) LLP is required to be registered with Registrar of firm.(iii) LLP is required to be registered with Registrar of companies.(iv) None of the above.
Partnership Act is to LLP(i) applicable (iii) applicable to certain extent(ii) not applicable (iv) not applicable to certain extent
Audit of the accounts of LLP is required only if the contribution exceeds Rs. lakhs or annual turnover exceeds Rs. lakhs.(i) 25; 40 (iii) Any amount; any amount(ii) 40; 25 (iv) 50; 100
Liability of the partner is limited to the extent of his in the LLP.(i) contribution (iii) as per LLP Act(ii) profit sharing ratio (iv) as per Government norms
Which of the following statement(s) is/are not correct?(i) The rights and duties of partners in LLP will be governed by the agreement between partners.(ii) The duties and obligations of designated partners shall be as provided in LLP Agreement.(iii) Both of the above(iv) None of the above
Which of the following statement(s) is/are not incorrect?(i) LLP shall maintain annual accounts. (iii) Both of the above(ii) Partnership Act is not applicable to LLP. (iv) None of the above
Which of the following statement(s) is/are not correct?(i) LLP should be for profit or charitable business.(ii) LLP has perpetual succession.(iii) Both of the above(iv) None of the above
LLP Act requires a maximum of partners.(i) 5 (iii) 12(ii) 10 (iv) No limit
LLP Act requires a minimum of partners.(i) 2 (iii) 5(ii) 3 (iv) 7
Who manages the business of an LLP?(i) Shareholders (iii) Partners and registrar(ii) Partners (iv) Both (a) and (b)
Which of the following is/are feature(s) of an LLP?(i) It is a separate legal entity. (iii) It can own assets in its name, sue and be sued.(ii) It is separate from its partners. (iv) All of the above.
LLP combines the advantages of .(i) Partnership and HUF (iii) Partnership and Company(ii) HUF and Company (iv) Partnership and association
LLP Act is applicable to .(i) a few states of India(ii) the whole of India(iii) the whole of India except Jammu and Kashmir(iv) the whole of India and any branches located outside India
LLP Act of India is broadly based on .(i) UK LLP Act, 2000 (iii) Both of the above.(ii) Singapore LLP Act, 2005 (iv) None of the above.
What are the advantages and disadvantages of LLP? (Ref. Para-26.27,26.28)
Explain any five advantages of LLP. (Ref. Para-26.27)
What are the reasons for which an LLP can be wound up? (Ref. Para-26.26)
Can an LLP be wound up? How? (Ref. Para-26.26)
When is the compromise or arrangement binding on all the partners? (Ref. Para-26.25)
Can a compromise or arrangement be entered into between the partners and the LLP? If so, what is procedure to be followed in this regard? (Ref. Para-26.25)
List the documents that are to be prepared and filled for incorporation of an LLP. (Ref. Para-26.24)
What are the steps to be taken for conversion of a partnership into LLP? (Ref. Para-26.23
Who shall be the partners in case of conversion of a private company into LLP or unlisted public company into LLP? (Ref. Para-26.22)
What is the tax treatment being provided for LLPs? (Ref. Para-26.21)
How is the profit of a limited liability partnership treated for the purpose of Tax Acts?
Can foreigners incorporate LLP? (Ref. Para-26.18,26.20)
Which documents will be available for public inspection in the office of the registrar? (Ref. Para-26.19)
Can the inspector investigating the affairs of related entities, etc. investigate the affairs of present or former partners? (Ref. Para-26.19)
Do the partners of an LLP have a right to make an application to the tribunal for carrying out an investigation of the LLP? (Ref. Para-26.19)
Does the transfer of any right by the partner result in disassociation of the partner or a dissolution and winding up of the LLP? (Ref. Para-26.18)
Is the partner’s interest in the LLP transferable?
What is the procedure for removal of auditors? (Ref. Para-26.17)
What will be the position of auditors if he is not re-appointed within 30 days prior to the end of the financial year? (Ref. Para-26.17)
What is the time limit for appointment of subsequent auditors of an LLP? (Ref. Para-26.17)
In case of failure of designated partners to appoint the first auditors within the prescribed period, who can appoint the first auditors? (Ref. Para-26.17)
What is the time limit for appointment of first auditors of an LLP? (Ref. Para-26.17)
Who can appoint the first auditors of an LLP? (Ref. Para-26.17)
Can a chartered accountant who is related to the partners of an LLP, be appointed as an auditor of the LLP? (Ref. Para-26.17)
Are there any criteria based on which an LLP can claim exemption audit? If so, what are the obligations prescribed on LLPs which avail the audit exemption? (Ref. Para-26.17)
State whether audit of all LLPs is mandatory. (Ref. Para-26.17)
Is every LLP required to maintain and file accounts? (Ref. Para-26.17)
What are the provisions in the LLP Act regarding voting right of partners?How shall voting rights of partners be determined, if the LLP Agreement is silent on this matter? (Ref. Para-26.16)
What are the steps for increase in contribution by way of introduction of new partner(s)? (Ref. Para-26.15)
Can there be an increase in the contribution of an LLP? (Ref. Para-26.15)
What are the different forms of contribution? (Ref. Para-26.15)
Write short note on whistle blowing. (Ref. Para-26.14)
Is the partner, on cessation of the partnership, entitled to receive anything from the LLP? (Ref. Para-26.13)
On cessation of a partner from an LLP, does he get discharged of obligations to the LLP or to the other partners or to any other person? (Ref. Para-26.13)
What results in cessation of partnership interest?
When shall a person cease to be partner of an LLP?
Who can act as partners of an LLP?
Does any change in the partners of an LLP affect its existence, rights or liabilities?
Which names are not allowed to be registered for LLP?
Explain the name guideline prescribed by the government for selection of name of an LLP.
What are the broad provisions of the Act in respect of names of LLPs? (Ref. Para-26.11)
An LLP wants to give an other address apart from its registered office for the purpose of receiving communication. What would be your advice? (Ref. Para-26.10)
Is it possible to change the registered office of an LLP from one state to another? What is the procedure in this regard? (Ref. Para-26.10)
What is the manner of service of documents on the partner? (Ref. Para-26.10)

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