Saturday, 4 August 2012

Different types or kinds of partners

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.


Shekhar Kumar Padhy 5 December 2016 at 04:34  

sir this article is very beaitiful and helpful to mine

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