NOTES


CA-Foundation > Business Laws > The Indian Partnership Act, 1932 - Nature of Partnership Contract (Old & New)

There can be different kind of partners. State briefly about any five kinds of partners.



Ans.
Types of Partners:
Actual, Active or Ostensible Partner: These are the ordinary type’s of partners who invest money into the business of the firm, actively participate in the functioning and management of the business and share its profits & losses.
Sleeping or Dormant Partner: These partners invest money in the firm’s business and take their share of profits t do not participate in the functioning and the management of the business.
Nominal Partner: Some people do not invest or participate in the management of the firm but only give their name to the business or firm. They are nominal partners but are liable to third parties for all the acts of the firm.
Partner in Profits Only: A partner who entitled to share in the profits of the partnership firm without being liable to share the losses, is called a partner in profits only.
Sub-Partner: Where a partner share a profits in the firm with a third person, that third person is called sub-partner. Such a sub-partner has no rights or duties towards the firm and does not cam’ any liability for the debts of the firm. Also he cannot bind the firm or other partners by his act.

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Notes of The Indian Partnership Act, 1932 - Nature of Partnership Contract (Old & New)



  1. There can be different kind of partners. State briefly about any five kinds of partners.
    see in detail

  2. Explain the concept of Partnership by holding out.
    see in detail

  3. State the points of difference between A company and A partnership firm.
    see in detail

  4. What constitutes partnership property? Explain.
    see in detail

  5. Rohit is not a partner in a particular firm. But, he represents himself or knowingly permits himself to be represented as a partner of that particular firm to Sanjay, who on the faith of such representation gives credit to the firm. Is Rohit liable as a partner in the firm?
    see in detail


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