Write short answer of the following. State the types of partners.

ANSWER:
The following are the types of partners in a partnership firm:  
i. Active partners: They contribute capital to the business and share profits and losses and are actively involved in the working of the business. They have unlimited liability, which means that their personal property can be used to pay off the debts of the business.
ii. Sleeping partners: Although they contribute capital to the business and share profits and losses, they are not involved in the working of the business. Their liability is unlimited.
iii. Nominal partners: They only lend their names to the business. They neither contribute any capital to the business nor share profits or losses of the business.
iv. Minor partners: They are below 18 years of age and are made partners in the business with the mutual consent of all partners. They share only profits and have no liability for the losses of the business.
v. Partners in profits only: They share only profits of the business and do not take part in the working of the business. The liability of these partners is unlimited.
vi. Limited partners: The liability of these partners is limited to the amount of their investment in the business. They do not take part in the management of the business.
vii. Partners by holding out: They are not the partners of the firm; they represent themselves as partners by their action or conduct. They neither contribute any capital to the business nor participate actively in the operations of the business. They do not share profits or losses of the business.
viii. Secret partners: Their association with the business is unknown to the general public. Such partners do not contribute any capital but have participation rights in the management of the business. They are entitled to the profits and losses of the business.

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