Types of partner

Partner in profits only:

Sometimes partners may agree that a partner shall gets a share of the profits only and that he shall not be liable to contribute towards the losses.such a partner is known as a partner in firm.

Sub-partner:

When a partner agrees to share his profits derived from the firm with a third person. That third person is known as a partner a sub-partner is no in way connected with the firm and cannot pepresent himself if as a partner of the firm.

Partner by estopel or holding out:

Sometimes a person who is not a partner in a firm may, under certain circumstances be liable for its debts as if he were a partner. Such a partner is called a partnerby estopel or holding out.