In a partnership, the type of partner that is responsible for all claims against the company is called a(n) ________.

A partnership is an agreement between two or more people to oversee the business and share the profits and debts of the business. In a partnership, all members share in the profits and liabilities. Professionals such as doctors and lawyers often form a limited liability company. There may be a tax advantage for a partnership over a corporation.

1] Active partner / managing partner

Active partner is also known as an external partner. As the name suggests, he is actively engaged in business and business management. He manages the day-to-day business on behalf of all partners. This means that he acts as an agent for all other associates on a daily basis and for all day-to-day business of the company.

2] hibernating / dozing partner

This is a partner who does not participate in the day-to-day operations of the associated enterprise, i.e. he does not actively participate in the day-to-day operations of the 'company. However, he is bound by the actions of all other partners.

3] Nominal partner

This is a partner with no real or significant interest in the partnership. So, in essence, he just lent his name to the partnership. He will not make any contribution to the capital of the company and therefore will not participate in profits either. However, the nominal partner will be liable to foreigners and third parties for acts performed by other partners.

4) Affiliated by estoppel

If a person declares to another that he is a partner in the enterprise, either by his word, by his actions or by his conduct, that partner cannot be denied admit that he is not a partner. This basically means that even if such a person is not a partner, he represents himself as such, and thus becomes an estoppel partner or partner by standing.

5] Affiliate only in profits

This affiliate will only share in the profits of the business, he will not be responsible for any debts. Even when dealing with a third party, he will only be responsible for any profit acts, he will not share any responsibility.

6] Minor partners

A minor cannot be a partner of a company under contract law. However, one partner may be admitted to the benefits of the partnership if all partners agree. He will share in the profits of the business but his liability for losses will be limited to his share of the business.

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