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Business Studies

Types of Partners , Partnership and Companies

Rahul is a pa...

Question

Rahul is a partner of an automobile firm. He adds money to the firm, handles the management and also shares the losses. But on the other hand, he hides his identity from the general public.

A

Nominal partners

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B

Sleeping parnters

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C

Secret partners

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D

Active partners

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Solution

The correct option is C
Secret partners

Secret partners hide their identity from the general public.

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Similar questions

A partner whose association with the firm is unknown to the general public is called

(a) Active partner

(b) Sleeping partner

(c) Nominal partner

(d) Secret partner

Q. 'A', 'B', 'C', 'D' and 'V are partners in partnership firm. The firm has different types of partners. Mr. A has contributed capital and participates in the management of firm. He shares profits and losses and is liable to an unlimited extent to the creditors of the firm.
Mr. B has contributed capital and shares its profits and losses. He also has unlimited liability but he does not take part in day to day activities of business. Association of Mr. C is not known to the general public but in all other respects he is like an active partner. Mr. D has allowed the firm to use his name as he enjoys good reputation among clients but he does not either contribute capital or take part in the management.
Master 'E', 15 years of age is entitled to the benefits of partnership with mutual consent of all their members. He is not eligible to take part in management of firm and shares only profits and not losses of the firm.
(i) How many partners do the firm has?
(ii) Who is the active partner and what is the nature of his liability in the firm?
(iii) Who is the sleeping partner in the firm and what is the nature of his liability?
(iv) What kind of partner is Mr.0 and what kind of liability does he have in the firm?
(v) How does the partnership relationship of Mr. C differs from Mr. D ? How do they differ in their liability?
(vi) Is Mast. E a legal partner? Can be held liable for the liability of the firm?

Describe the following :

(a) Sleeping partner

(b) Secret partner

(c) Nominal partner

(d) Active partner

Q. X, Y and Z are partners. Z gives notice of retirement to, the other partners but does not give public notice of it. W gives credit to the firm without having notice of the change. Can W sue Z if (a) Z is an active partner, (b) Z is a dormant partner (sleeping partner)?

Q. Balu, Lalu and Kalu are partners in a firm. They admit Malu as a minor partner to the benefit of partnership. Within 6 months of his attaining majority, he fails to give a public notice of his intention that he has become a fullfledged partner. On the other hand all other partners refuse to take him as a partner. In this case, which of the following statement is correct ?

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