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Question
One who actually participate in the business of the firm is called ____________.
One who actually participate in the business of the firm is called ____________.
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Solution
The correct option is B Active partner
An active partner is also known as an Ostensible Partner. As the name suggests, he takes active participation in the firm and the running of the business. He carries on the daily business on behalf of all the partners. This means he acts as an agent of all the other partners on a day-to-day basis and with regard to all ordinary business of the firm.
An active partner is also known as an Ostensible Partner. As the name suggests, he takes active participation in the firm and the running of the business. He carries on the daily business on behalf of all the partners. This means he acts as an agent of all the other partners on a day-to-day basis and with regard to all ordinary business of the firm.
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