Prepare a chart showing the different types of partners
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Answer:
- Active or managing partner: ...
- Sleeping or dormant partner: ...
- Nominal or ostensible partner: ...
- Partner by estoppel or holding out: ...
- Partner in profits only: ...
- Minor as a partner: ...
- Other partners:
Explanation:
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1.Active Partner The active partner participates in the management of the firm.
2.Sleeping or Dormant Partner The partner who does not participate in the management of the firm.
3.Secret Partner Secret partner is one whose association or relation With the firm is not known to outsiders.
4.Nominal Partner The nominal partners are not the real partners of the firm. He only lends his name and reputation for the benefit of the firm.
5.Partner by Estoppel A person is considered a partner by estoppel if, through his own initiative, conduct or behaviour, he gives an impression to others that he is a partner of the firm.
6.Partner by Holding Out A partner ‘holding out’ is a person who though is not a partner in a firm but knowingly allows himself to be represented as a partner in a firm. :)
2.Sleeping or Dormant Partner The partner who does not participate in the management of the firm.
3.Secret Partner Secret partner is one whose association or relation With the firm is not known to outsiders.
4.Nominal Partner The nominal partners are not the real partners of the firm. He only lends his name and reputation for the benefit of the firm.
5.Partner by Estoppel A person is considered a partner by estoppel if, through his own initiative, conduct or behaviour, he gives an impression to others that he is a partner of the firm.
6.Partner by Holding Out A partner ‘holding out’ is a person who though is not a partner in a firm but knowingly allows himself to be represented as a partner in a firm. :)
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