Kinds of partnership
Following are the partners in partnership and their different functions in the partnership.
NAME CAPITAL PROFIT MANAGEMENT LIABILITIES LOSSES
Active Partner Yes Yes Yes Yes Yes
Nominal No No No Yes No
Holding Out No No No Yes No
Senior Yes Yes ??? Yes Yes
Junior Yes Yes ??? Yes Yes
Sub No On behalf No No No
Minor Yes Yes No No No
Silent Yes Yes No Yes No
Secret Yes Yes No Yes Yes
Sleeping Yes Yes No Yes Yes
Limited Yes Yes No Limited Yes
Partner in Profit only Yes Yes No Yes No
Incoming Yes Yes ??? Yes Yes
Out going No No No Up to 6 months Yes
Quasi No (Loan) No (Interest) No No No
Major Yes Yes Yes Yes Yes
Salaried Yes Salary Yes Yes Yes
Capital: He invests his share of capital in the business.
Profit: He has right to receive the profit from the business.
Management: He takes part in the management activities.
Liabilities: He will be liable for all the liabilities of the business.
Loss: He is responsible for all the losses.
Others: It depends upon the agreement weather he takes part in the management or not.
NAME CAPITAL PROFIT MANAGEMENT LIABILITIES LOSSES
Active Partner Yes Yes Yes Yes Yes
Nominal No No No Yes No
Holding Out No No No Yes No
Senior Yes Yes ??? Yes Yes
Junior Yes Yes ??? Yes Yes
Sub No On behalf No No No
Minor Yes Yes No No No
Silent Yes Yes No Yes No
Secret Yes Yes No Yes Yes
Sleeping Yes Yes No Yes Yes
Limited Yes Yes No Limited Yes
Partner in Profit only Yes Yes No Yes No
Incoming Yes Yes ??? Yes Yes
Out going No No No Up to 6 months Yes
Quasi No (Loan) No (Interest) No No No
Major Yes Yes Yes Yes Yes
Salaried Yes Salary Yes Yes Yes
Capital: He invests his share of capital in the business.
Profit: He has right to receive the profit from the business.
Management: He takes part in the management activities.
Liabilities: He will be liable for all the liabilities of the business.
Loss: He is responsible for all the losses.
Others: It depends upon the agreement weather he takes part in the management or not.