What is partnership?
According to the Indian Partnership Act, 1932, Partnership is defined as‘the relationship between persons carrying on a business to share profits of a business.’
Who are general partners?
All partners who are in the partnership are known as general partners.
What do you mean by active partners?
Partners who take active part in management and help in the formulation of policies are known as active partners. They are also known as working or managing partners.
What do you understand by sleeping partners or silent partners?
Partners who just invest money and do not take part inthe management are known as sleeping or silent partners. Such people after contributing their share of capital wake up only either to share the profits or to liquidate the business.
Explain about nominal partners.
Partners who do not invest money and do not take part in the management but they lend their reputed name for the company’s reputation are known as nominal partners.
Who are the secret partners?
These partners take part in the management secretly but nowhere their names appear.
Write a short note on minor partners.
People who have not attained the age of 18 years and associate with the business are known as minor partners. Such partners can be allowed only with the consent of other members. Their liability is limited
According to the Indian Partnership Act, 1932, Partnership is defined as‘the relationship between persons carrying on a business to share profits of a business.’
Who are general partners?
All partners who are in the partnership are known as general partners.
What do you mean by active partners?
Partners who take active part in management and help in the formulation of policies are known as active partners. They are also known as working or managing partners.
What do you understand by sleeping partners or silent partners?
Partners who just invest money and do not take part inthe management are known as sleeping or silent partners. Such people after contributing their share of capital wake up only either to share the profits or to liquidate the business.
Explain about nominal partners.
Partners who do not invest money and do not take part in the management but they lend their reputed name for the company’s reputation are known as nominal partners.
Who are the secret partners?
These partners take part in the management secretly but nowhere their names appear.
Write a short note on minor partners.
People who have not attained the age of 18 years and associate with the business are known as minor partners. Such partners can be allowed only with the consent of other members. Their liability is limited
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