Kinds Of Partners In Partnership
1. General Partner - liable to the extent of his separate property
2. Limited Partner - "only" capital contribution
3. Capitalist Partner - contributes money/property
4. Individual Partner - contributes his knowledge/personal service
5. Managing Partner - appointed as manager
6.Silent Partner - not take active part though may be known as a partner
7. Secret Partner - takes active part but not known by outside parties
8. Liquidating Partner - designated to wind up, settle the affairs after dissolution
9. Dormant Partner - not take active / not known as a partner
10. Nominal Partner - not a partner but represents himself as one
Kinds of partners
dominant partner meow...
Partner partner is a person who contribute the share of the capital of the business and act as an agent on the behalf of other partner .according to age
1 adult partner whose age is more than 18 year
2 minor partner whose age is less than 18 year
according to liability
according to experience
3 non active
A person who enters into partnership through partnership agreement is known as a partner. Partners may be classified into following kinds.
A person who invests money in the business and also participates actively in the management affairs of the business is known as active partners. Active partner is liable to pay the debts of the business. He is also known as working / managing partner. The success of the business is very much dependent on the abilities of these partners.
A person, who invested his capital in the business but does not participate in the management affairs of the business, Outsiders do not know sleeping partner as the partner of the firm. He is also liable to pay the debts of the firm.
A partner who invests his capital in the business and takes active part in business activities but public does not know him as a partner of the firm. He is liable to settle the creditors of the firm.
A partner who invests his share of capital in the business bit does not participate in the management affairs of the business. Public as a partner of the firm knows him. He is also liable to pay the debts of the firm like other partners.
This partner does not participate in the management affairs of the business. A firm only uses the name and good reputation of this partner. Therefore he is called nominal partner.
The persons who enter into partnership through agreement are known as partners. They are classified in several different ways depending upon their extant of liability, participation in management, shares of profits and other factors
Kinds of partners
A partner who takes an active part in the management of the firm is called active partner. He takes much interest in the affairs of the firm. Such a partner must give public notice of his retirement from the firm in order to free himself from liability for acts after retirement. He also called working partner. One who does not take an active part in the management of the firm is called sleeping or dormant partner. Such partner brings only capital in the business. He is also liable to the creditors of the firm like other partners. He is not required to give notice to general public about his retirement from the firm because his relationships with the firm is not known to the general public. One who lends his name and reputation to the firm is called nominal partner. He does not invest in business. He does not take part in the management like other partners. He does not get share in profits. But he is regarded as partner in the eye of law. A partner who has a more investment in the firm and receives a relatively more profit is called senior partner. He due to experience, age capability and other skill plays a major role in the management of the business.
A junior partner is the opposite of senior partner. Normally he is a young man who has recently become a partner of the firm. He also has small investment in the business. Due to small investment and less experience he receives a nominal share in the profits. He has no major role in decision-making. He is a partner who shares the profits of the firm but is not liable for the losses. A sleeping partner may be a partner in profit only. He is equally liable to the outsiders like other partners. A minor is a person who has not attained majority. In order to form a partnership there must be an agreement among the partners. The person who wants to enter into partnership must have capacity to contract. As a minor has no capacity to contract, so he cannot become a partner. But with the consent of all the partners he may be admitted to the benefits of partnership by an agreement made by his guardian on his behalf with the other partners.
There are 7 types of partner