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1) The liability extending to the personal property of the sole trader is called _________________.

2) The degree of freedom of flexibility is large in case of ________________ form of organization.

3) Rate of taxation is ___________________ in case of Sole trader form of organization.

4) The relationship between the persons who agree to share the profits or losses of the business is called ______________.

5) The partners have _____________ and _____________ liability.

6) The minimum number of members in case of partnership is ___________ and maximum is ______________.

7) The partners are collectively called as _______________.

8) Every partner is both a principal and an agent. This relationship is called ____________________.

9) The closure of partnership is called ____________________.

10) The partner, who gives an impression that he is a partner of the firm and becomes liable for the claims, is called ___________.

11) A __________________ partner can be admitted to the benefits of the firm.

12) A partner has an authority to raise loans against the properties of the firm. Such authority is termed as ____________.

13) A partner neither contributes to capital nor takes part in the affairs of business and is there for namesake is ______________ partner.

14) A partner who contributes to the capital but does not take active part in the management of its affairs is called _____________ partner.

15) As per the Indian Partnership Act, 1932 registration of firm is not compulsory but the unregistered firm cannot ______________.

16) An artificial person created by law with perpetual succession and common seal is called ______________.

17) The limited liability means that the liability is limited to the _________________ value of the shares held by the shareholder.

18) The shares of a _____________ company cannot be transferred.

19) Only such documents affixed by ___________________ bind the company legally.

20) A private company should add the words _______________ at the end of its name.

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