Question

Which of the following is not covered under
the category of full fledged partner?
(a) Active partner
(b) secret partner
(c) Partner by holding out
(d) Sleeping partner​

Answer 1

Explanation:

ans - (c) partner by holding out

Answer 2

Answer:

(c) Partner by holding out is not covered under the category of full- fledged partner.

Explanation:

Active partners

• The partners who take an active part in the partnership are active partners.

• These partners carry on business for the other partner.

Sleeping or Dormant partners

• Sleeping or dormant partners are the individuals who don't take an active part in that frame of mind of the business.
• Such partners just contribute money to the firm and are limited by the exercises of different partners.
• Anyway, they have an offer on the profits and misfortunes of the business.

Others

• Active and sleeping partners share profits and misfortunes of the business and are obligated for its contribution.
• In any case, there are different kinds of partners additionally who might be related to the partnership straightforwardly or by implication.
• They are not full-fledged partners. Such partners are as per the following:-

Nominal Partners

• Nominal partners are the people who don't have an interest in the business yet loan their name to the firm.

• They make no capital commitment and are not qualified to participate in the administration.  They are of two kinds :

1. Partners by holding out

• Assuming an individual by his words or direct holds out to another that he is a partner. He is gotten down on partner by holding.
• He will be obligated to outsiders to pay the obligations of the firm.

2. Partner by estoppel

• At the point when an individual addresses the outside world by his words or lead or by loaning his name that he is a partner, he becomes obligated to an outsider who propels cash or credit to the firm based on such portrayal.

Special or Limited Partner

• He is a partner whose risk is limited to the degree of his capital is added to the firm.

• He has no authority to participate in the administration of the business.

Partner in Profit as it were

• An individual who partakes in the profit of a firm, however who isn't responsible for the misfortunes is classified "partner in profit" as it were.
• Normally, he has no voice in the administration of the firm.