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Partners of a partnership firm can be of different types, such as an active partner, secret partner, minor partner, nominal partner, or sleeping partner.
Partners are required to act honestly and show fairness and good faith to each other. Everything that partners do relies on keeping this obligation. Even if the relationship between partners becomes strained, they must continue acting in good faith in all of their business transactions.
Minor Partner Types of PartnersTypeCapital ContributionShare in Profit/LossActive PartnerContributes capitalGets share in profits/lossesSleeping or Dormant PartnerContributes capitalGets share in profits/lossesSecret PartnerContributes capitalGets share in profits/losses1 more row Apr 6, 2023
A partner is an individual with a co-ownership interest within a company. They often have equal equity with other partners, but their role varies depending on the agreement. For example, a partner may not make decisions, but they are eligible for a percentage of all profits made.
a person who shares or is associated with another in some action or endeavor; sharer; associate. Law. a person associated with another or others as a principal or a contributor of capital in a business or a joint venture, usually sharing its risks and profits. special partner.

People also ask

Your partner is the person you are married to or are having a romantic or sexual relationship with.
A partnership is a legal arrangement that allows two or more people to share responsibility for a business. Those partners share the ownership and profits, but they also share the work, responsibility, and potential losses.
a person who shares or is associated with another in some action or endeavor; sharer; associate. Law. a person associated with another or others as a principal or a contributor of capital in a business or a joint venture, usually sharing its risks and profits. special partner.

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