Sunday, August 30, 2009

Types of partners.

Types of partners:

An outsiders dealing with a firm may have to certain cases and particulars when there is a default by the firm, as to who the partners are,and to what extent they are liable.

Actual or ostensible partner:

A person who becomes a partner by an agreement and is activitily engaged in the conducted of the business firm.partnership isknown as an actual partner.

Sleeping or document partner:

A sleeping partner is one who does not take an an active part in the conduct of the business firm. He like the other partners, invests capital and shares in the profit of the business.

Nominal partner:

A partner who lends his name to the firm,undisclosed principle but real intrest in it, is called a nominal partner, he does not invest in the business of the firm.nor does not he share in the profits or take part in the management of the business of the firm.

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