Kinds Of Partners Flashcards
Chapter 2 | Obligations of the Partners
contribute money or property, or both
Capitalist Partners
contribute ONLY their industry or labor
Industrial Partners
contribute money or property and industry, or both money, property and industry
Capitalist-Industrial Partners
can be held liable . . . to the extent of their separate property
General Partners
cannot be held liable to third persons
Limited Partners
manage actively the business or affairs of partnership
Managing Partners
do not take active part though they share in the P/L
Silent Partners
in charge of the winding up of the partnership affairs after dissolution
Liquidating Partners
who take active part and known to the public
Ostensible Partners
not known to the public
Secret Partners
do not take active part and not known to the public
Dormant Partners
existing legal partnership
Real Partners
not really partners but represent themselves
Partners by Estoppel
continue the partnership after the dissolution
Continuing Partners
do not continue the partnership after the dissolution
Discontinuing Partners
members from the time of its constitution
Original Partners
became members after establishment
Incoming Partners
who withdraw from the partnership
Retiring Partners
who continue the partnership after dissolution by reason of death of a partner
Surviving Partners
who died while being a member
Deceased Partners
who are expelled from the partnership for a valid cause
Expelled Partners
who caused the expulsion
Expelling Partners
represent the majority or controlling interest
Majority Partners
represents the minority interest
Nominal Partners
