A’,’B’,’C’,’D’ and E’’ are partners in a partnership firm. The firm has different types of partners. Mr. A has contributed capital and participates in the management of firm. He shares profit and losses and is liable to an unlimited extent to the creditors of firm. Mr. B has contributed capital and shares its profit and losses. He also has a unlimited liability but he does not take part in day to day activities of business. Association of Mr. C with firm is unknown to general public but in all other respects he is like an active partner. Mr. D has allowed the form to use his name as he enjoys good reputation among clients but he does not either contribute capital or take part in the management. Master E, 15 years of age is entitled to the benefit of partnership with mutual consent of all members. He is not eligible to take part in management of firm and shares only profit and not losses. 1) In the given case how many types of partners are involved in the partnership firm? 2) Who is working as an active partner and what is the nature of his liability? 3) Who is working as a sleeping partner and what is the nature of his liability? 4) Who is working as a secret partner and what is the nature of his liability? 5) Who is working as a nominal partner? Can he be held liable for losses of the business? What is the nature of his liability? 6) Is master ‘E’ a legal partner? Can he held liable for losses of the business? What is the nature of his liability? 7) Identify the value which according to you motivated the partners in forming partnership. * Was this answer helpful?0
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Four '4' A, B, C and D <br> (ii) A <br> (iii) B <br> (iv) Secret and his liability is unlimited <br> (v) Mr. D has liability only to the extent of loan raised by using his name Mr. C has unlimited liability. <br> (vi) No
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