Who are the different types of partners ?
Answers
The different kinds of Partners that are found in Partnership Firms are as follows!
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: ...
General or active partner is the one who takes dynamic share in running the business. Next is the inactive or the sleeping partner who provides investment to the business but does not take part in the administration of the firm. Nominal partner is the one who imparts his name to be used by the firm but does not contribute capital or shares profit of the firm. Revenue partner is the one who shares only the profits of the firm. He contributes capital but he is normally inactive and associated with good will and richness.
Limited partners are the partners who are liable only to the amount which they have invested in the business but they have all powers to take part in the management of the firm, supervise the accounts. Secret partners are unlimitedly liable for the loss of thee business. Partner by disposal are the individuals who are mentioned to be a partner in will or in any document.
Minor partners are the one who is not appropriately aged to enter into the business. Retired partner is the partner who has attained the age of retirement and he may take up an advisory role in the future of the firm. Arriving Partner is the one who joins the firm newly. He has to contribute to the capital of the business and must possess good will among the existing partners. Quasi partner is a person who does not remain to be the partner but contributed capital to the firm as a loan and receives the interest of it.