Following are the important kinds or types of partners :
1. Active Partner :-
A person who provides his share in capital and also takes active part in the management. The development of business depends upon the active partners.
2. Sleeping or Dormant Partners :-
These partners only provide capital and also share the profit and loss of the business. A sleeping partner does not take part in the management of a firm. These are not know to public as a partner.
3. Silent Partner :-
A silent partner is known to the public as a partner. He does not participate in the affairs of the management. But be is liable to pay debts of the firm.
4. Secret Partner :-
He takes active part in the business but public does not know him as a partner of the firm. He is liable to pay all the debts of the firm.
5. Nominal Partner :-
These partners do not share the profit and loss the firm. These do not participate in the management of a firm. A firm only uses the name and goods reputation of the partners. So these are called nominal partners.
6. Minor Partner :-
A minor may become partner with the consent all the partners. A minor is only admitted in the profits of the business only. He has no liability of loss.
7. Senior Partner :-
A person who is playing important role in the management according to his ability, experience and capital, is called senior partner.
8. Junior Partner :-
A person who has small investment in the firm and has a limited experience of business is called junior partner.
9. Limited Partner :-
A partner whose loss responsibility is restricted to his share only is called limited partner. He cannot take post in the management of a firm.
10. Unlimited Partner :-
When the liability of the partner is unlimited he is called unlimited partner. The debts of firm can be paid even by the personal property of the partner.