There are different kinds of partners and they may be classified in the following manner: 1. Active Partner 2. Sleeping or Dormant Partner 3. Nominal Partner 4. Partner in Profits Only 5. Minor as a Partner 6. Incoming Partner 7. Outgoing Partner 8. Partner by Estoppel or Holding Out. Kind # 1. Active Partner: A […]
Different Kinds of Partner | Business Management
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Position of Minor as a Partner | Business Management
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The position of minor partner may be studied under the following two heads: 1. Position before Attaining Majority 2. Position on Attaining Majority. 1. Position before Attaining Majority: (i) Every minor partner has a right to such share of the property and of profits of the firm as may have been agreed upon. (ii) Every […]
Rights and Duties of Partners | Business Management
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After reading this article you will learn about the rights and duties of partners. Rights of Partners: The rights of partners are given below: 1. Every partner has the right to participate in the conduct and management of the business. 2. Every partner has the right to have access to and to inspect and copy […]