UGC NET JRF Commerce PYQP 2025 June – Legal Aspects of Business

1. Arrange the following steps of incorporation of a new Limited Liability Partnership in proper sequence.
   A. Reserve LLP Name
   B. Preparation of Documents for Incorporation of LLP
   C. Procure Digital Signature Certificate
   D. LLP incorporation and DIN Application and apply for PAN and TAN
   E. Drafting and filling LLP Agreement
   Choose the correct answer from the options given below:
   (a) B, A, C, D, E
   (b) A, B, C, E, D
   (c) C, A, B, D, E
   (d) D, E, B, A, C
2. “Active concealment of fact” is associated with which one of the following?
   (a) Misrepresentation
   (b) Undue influence
   (c) Fraud
   (d) Mistake
3. Who can file petition to the Tribunal for the Winding up of a Limited Liability Partnership?
   A. Secured Creditors
   B. LLP or any of its Partners
   C. Registrar of Companies
   D. Any person authorised by the central Government
   E. Any Voluntary Association
   Choose the correct answer from the options given below:
   (a) A, B, C Only (b) A and B Only
   (c) A, B, C and D Only (d) B, C and E Only
4. In case of transmission of shares, which of the following is correct?
   A. No instrument of transfer is required.
   B. Transmission of securities is generally made without any consideration.
   C. Shares continue to be subject to the original liabilities.
   D. Transmission takes place on death or insolvency of a holder of securities.
   E. Stamp duty is payable on transmission of securities.
   Choose the correct answer from the options given below:
   (a) A, B, C and D Only
   (b) B, C and D Only
   (c) C, D and E Only
   (d) A, B, C Only
5. Arrange the following steps involved in the process of Voluntary Liquidation of a Limited Liability Partnership in correct order.
   A. Declaration of Solvency
   B. Designated Partners’ Meeting
   C. Partners’ Meeting
   D. Identification of an Insolvency Professional as liquidator
   E. Filling of resolutions with registrar of Companies and Insolvency and Bankruptcy Board of India (IBBI)
   Choose the correct answer from the options given below:
   (a) A, B, C, D, E
   (b) C, B, D, A, E
   (c) A, D, B, C, E
   (d) E, D, C, B, A
6. In India, the term of every utility patent granted shall be of years.
   (a) 10
   (b) 20
   (c) 30
   (d) 50
7. What is the primary liability of the drawer of a bill of exchange or cheque?
   (a) Liability to compensate the holder in case of dishonour.
   (b) Liability to pay the amount at maturity.
   (c) Liability to provide sufficient funds to the drawee.
   (d) Liability to pay the holder without any condition.
8. What rights does an unpaid seller have against the goods?
   A. Right of lien
   B. Right to sue for specific performance
   C. Right of resale
   D. Right of stoppage of goods in transit
   E. Right to reorganise possession of goods
   Choose the correct answer from the options given below:
   (a) A, B and C Only
   (b) B, C and D Only
   (c) C, D and E Only
   (d) A, C, D Only
9. Match the LIST-I with LIST-II

   List-I	List-II
   A. Section 2 (85)	I.   Associate Company
   B. Section 455	II.  Producer Company
   C. Section 378A	III. Dormant Company
   D. Section 2 (6)	IV. Small Company

   Choose the correct answer from the options given below:
   (a) A-I, B-II, C-III, D-IV
   (b) A-I, B-III, C-II, D-IV
   (c) A-II, B-III, C-I, D-IV
   (d) A-IV, B-III, C-II, D-I

Answer Key