Chapter 2: Kinds of Partners Flashcards
Who contributes money or property or both.
Capitalist Partner
Who contributes labor.
Industrial Partner
Who contributes money/property and industry.
Capitalist-Industrial Partner
Who can be held liable up to their personal assets.
General Partners
Who can only be held liable up to their contributions.
Limited Partners
Limited Partner on paper but have a responsibility/liability as a general partner.
General-Limited Partners
Who actively manages the business.
Managing Partners
Who do not take active part in the business though they share in the profits or losses. Also known to the public as a partner.
Silent Partners
Who takes charge in winding up partnership affairs after dissolution.
Liquidating Partners
Who takes active part and is known to the public as a partner.
Ostensible Partners
Those connections with the partnership are not known to the public but take active part in management.
Secret Partner
Who do not take active part in the business and not known to the public as partners. They are both secret and silent partner.
Dormant Partner
Partners in an existing legal partnership.
Real Partners
Not really partners but represent themselves as such.
Partners by Estoppel
Who continues the partnership business after dissolution.
Continuing Partners
Who does not continue the partnership business.
Discontinuing Partners
Members of the partnership from the time of its constitution.
Original Partners
Those who became members of the partnership after its establishment.
Incoming Partners
Who withdraws from the partnership.
Retiring Partners
Who continues the partnership after the death of a partner.
Surviving Partners
Who died while being a member of the partnership.
Deceased Partner
Who are expelled by the other partners for a valid cause.
Expelled Partners
Who caused the expulsion.
Expelling Partners
Whose contribution to the partnership represents the majority or controlling interest.
Majority Partners
