Read the following paragraph and answer the following questions.
Mr. Sumit owns an ancestral house in Jamnagar. On the advise of his friend he converts it into a lodge after renovation. The revenue from the lodge helps to supplement his income considerably. On his death the property (lodge) is inherited by his three sons in order of their age namely, Mr. Sham, Mr. Anil and Mr. Satish who carry on with the business.
1. Which form of business is carried by Mr. Sumit
(A) Partnership
(B) One Person Company
(C) Joint Venture
(D) Sole Trading Concern
2. Which form of business is carried by their sons
(A) Partnership
(B) Joint Hindu Family Business
(C) Joint Venture
(D) Sole Trading Concern
3. Who amongst the three brothers has the right to exercise control over the family business?
(A) Mr. Sham
(B) Mr. Anil
(C) Mr. Satish
(D) All the above
4. Which law governs Joint Hindu Family Business.
(A) Indian Partnership Act, 1932
(B) Cooperative Societies Act, 1912
(C) The Companies Act, 2013
(D) Hindu Succession Act, 1956
