Classification of Partnership

Partnership is an important form of business organization. It is very popular in 19th and 20th century but it is less popular in 21st century. 

There are many types of partnership. These types are as below-

1. Active partner- it is the first type of partner. The partner who invest money and participate in policy making, planning. This type of partner is called active partner. 

2. Sleeping partner- it is the second type of partner. The partner who invest money in business but do not participate in day to day activity. This type of partner is called sleeping partner. 

3. Nominal partner- it is also an important type of partner. The partner who invest his money but he doesn't take any interest in the activity of business. They only get profit. This type of partner is called nominal partner. 

4. Profit partner- the partner who makes an agreement with all partners and according to an agreement he gets only profit, if any loss organization face he doesn't bear it. Such type of partner is called profit partner. 

5. Minor partner- according to the partnership act no any minor person become the partner of any firm but if all other partners are agreed then minor person becomes the partner of any firm. Minor partner only get profit, they don't bear loss. So, the person who is below 18years and becomes the partner of any firm. Such type of partner is called minor partner. 

6. Estoppel partner- the partner who doesn't invest money, they only representate by other person. This type of partner is called estoppel partner. 

Besides above there are also many types of partner. These partner are as below-

1. Will partner- it is also an important type of partner. If any partner join the firm and will leave the firm according to his own desire. Such type of partner is called will partner. 

2. Fixed period partner- if any person join the firm according to fixed time. This type of partner is called fixed period partner. 

3. Particular partner- if any partner has particular type of knowledge, talent, skill, wisdom and if they join the firm. Such type of partner is called particular partner. 

4. General partner- it is also an important type of partner. If any person join the firm for particular task. This type of partner is called general partner. 

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