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Types Of Partners

8 Different Types Of Partners In Partnership Act 1932

8 Different Types Of Partners In Partnership Act 1932  

8 Different Types of partners in partnership act 1932 :

  1. ACTIVE PARTNER / WORKING PARTNER :

The partner, who takes an active part / role in the management of business, is called as an Active partner. Such a partner is engaged in business with full time work /interest.

Important points :

  1. Active partner provides capital to the firm.
  2. If the partnership deed provides, he can get salary / Commission for his active participation.
  3. The liability of active partner is unlimited.

 

  1. SLEEPING PARTNER / DORMANT PARTNER :

The partner who, provides capital to the business, but does not take any part in the management of the business is called as sleeping partner or dormant partner. We know that all partners have right to take part in the management of the business. But due to some reasons , if any partner willingly gives up his rights of management of the business, such a partner is said to be a sleeping partner.

Important points :

  1. He provides capital to the firm.
  2. He gets share in the profits of the firm. Also in the loss of the firm.
  3. His liability is also limited.
  4. He voluntarily gives up his right of management. On his behalf other remaining partners runs the business.

 

  1. NOMINAL PARTNER :

The partner does not provides any capital to the business, but he allows to use his name & fame for the benefit of the firm, is called as a Nominal Partner.

Important points :

  1. Nominal partner not provides capital to the firm.
  2. He does not take part in the management of the firms business.
  3. He allows the firm to use his name and goodwill.
  4. He is fully liable for the debts of the firm as he entered into agreement.
  5. As per agreement he may or may not get share in the profits of the firm.

 

8 Different Types Of Partners In Partnership Act 1932
8 Different Types Of Partners In Partnership Act 1932

 

  1. SECRET PARTNER :

The partner who is not known to the outsiders as a partner in the firm is a Secret Partner. The partner who provides capital to the firm, but as per his request, it is not made public that he is a partner in the firm, such a partner who intends to keep his name secret of being partner in the firm, is called a secret partner.

Important points :

  1. Secret partner provides capital to the firm.
  2. His name is not disclosed to the public as he is a partner in the firm.
  3. In general, he not takes part in the management of the business.
  4. He gets a share in profits / losses of the firm.
  5. His liability is unlimited. It means he is liable for the debts of the firm.

 

  1. PARTNER IN PROFITS ONLY :

The person who becomes partner of the firm on a special condition that he will share the profits of the business, but not the losses, is called as Partner in profits only.

Important points :

  1. As per special agreement he do not share the losses of the firm. He only shares the profits.
  2. He provides capital to the firm.
  3. He can not take part in the management of the business.
  4. He is liable for the debts of the firm. But not for the losses.

 

  1. MINOR PARTNER :

A partner below the age is called a Minor partner . As per Indian Contract Act a person below the age of 18 years can not enter into an agreement. So he can not be a partner. However, as per the provisions of the Indian Partnership Act 1932 , for the benefit of firm, a person below the age of 18 years can be entered into the firm as a partner. Such a partner is said to be a Minor Partner .

Important points :

  1. He provides capital to the firm.
  2. But his liability will be limited to capital provided by him.
  3. He can not participate in the management of the firm.
  4. After completion of age of 18 years he is free to decide whether to continue or discontinue the firm. He has declare the decision officially.

 

  1. PARTNER BY ESTOPPEL :

The person who is not a partner as per partnership agreement, but he behaves in such a way that he expresses himself as a partner is said to be a partner by estoppel. It means that such a person is not an actual partner, but he pretends to be as a partner.

Important points :

  1. As he is not a real partner, he does not provide capital.
  2. He not participates in the management.
  3. There will be no share of profit to him.
  4. He intentionally creates an impression on the people, of being a partner, by his conduct or spoken or written words.
  5. He is not held liable for all other debts of the firm, for which he is not responsible.

 

  1. PARTNER BY HOLDING OUT :

A person who is not actually a partner of the firm, he not expresses himself as a partner of the firm, but outsiders considers him as a partner in the firm due to his association with the firm, such a person said to be a ‘ partner by holding our ‘.

Important points :

  1. Such a person is not an actual partner, so not provides capital.
  2. He not participates in the management.
  3. He has not entitled to profits.
  4. He himself not expresses himself as a partner like partner by estoppel. The third party consider him as a partner.
  5. If he not discloses such a fact, then a loss or a debt which arises, due to such a misunderstanding, that person himself is held liable.

These Are The 8 Different Types Of Partners In Partnership Act 1932 .

 

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