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Can you explain the answer of this question below:
Which of the following is not a kind of partner:
- A:Dormant partner
- B:Partners in losses only
- C:Partner by estoppel
- D:Nominal partner
The answer is b.
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Verified Answer
Can you explain the answer of this question below:Which of the followi...
1. Active or managing partner:
A person who takes active interest in the conduct and management of the business of the firm is known as active or managing partner.
2. Sleeping or dormant partner:
A sleeping partner is a partner who ‘sleeps’, that is, he does not take active part in the management of the business. Such a partner only contributes to the share capital of the firm, is bound by the activities of other partners, and shares the profits and losses of the business.
3. Nominal or ostensible partner:
A nominal partner is one who does not have any real interest in the business but lends his name to the firm, without any capital contributions, and doesn’t share the profits of the business.
4. Partner by estoppel or holding out:
If a person, by his words or conduct, holds out to another that he is a partner, he will be stopped from denying that he is not a partner. The person who thus becomes liable to third parties to pay the debts of the firm is known as a holding out partner.
5. Partner in profits only:
When a partner agrees with the others that he would only share the profits of the firm and would not be liable for its losses, he is in own as partner in profits only.
6. Minor as a partner:
A partnership is created by an agreement. And if a partner is incapable of entering into a contract, he cannot become a partner. Thus, at the time of creation of a firm a minor (i.e., a person who has not attained the age of 18 years) cannot be one of the parties to the contract. But under section 30 of the Indian Partnership Act, 1932, a minor ‘can be admitted to the benefits of partnership’, with the consent of all partners. A minor partner is entitled to his share of profits and to have access to the accounts of the firm for purposes of inspection and copy.
Most Upvoted Answer
Can you explain the answer of this question below:Which of the followi...
Because partners should share profits and losses is necessary condition so partner should take profits and losses if partners share only losses then they are not partners if a partner share only profit then he is not a partner with an exception of minir
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Can you explain the answer of this question below:Which of the following is not a kind of partner:A:Dormant partnerB:Partners in losses onlyC:Partner by estoppelD:Nominal partnerThe answer is b.
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Can you explain the answer of this question below:Which of the following is not a kind of partner:A:Dormant partnerB:Partners in losses onlyC:Partner by estoppelD:Nominal partnerThe answer is b. for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Can you explain the answer of this question below:Which of the following is not a kind of partner:A:Dormant partnerB:Partners in losses onlyC:Partner by estoppelD:Nominal partnerThe answer is b. covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Can you explain the answer of this question below:Which of the following is not a kind of partner:A:Dormant partnerB:Partners in losses onlyC:Partner by estoppelD:Nominal partnerThe answer is b..
Can you explain the answer of this question below:Which of the following is not a kind of partner:A:Dormant partnerB:Partners in losses onlyC:Partner by estoppelD:Nominal partnerThe answer is b. for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Can you explain the answer of this question below:Which of the following is not a kind of partner:A:Dormant partnerB:Partners in losses onlyC:Partner by estoppelD:Nominal partnerThe answer is b. covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Can you explain the answer of this question below:Which of the following is not a kind of partner:A:Dormant partnerB:Partners in losses onlyC:Partner by estoppelD:Nominal partnerThe answer is b..
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