Q: Expressed and Implied Authority?

Q: Harish  made a fraud with another partnership firm,  are all partners liable for his fraud  ?

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Q: What are the types of partner in partnership firm ?

Ans: The member of a partnership is called partners and it is not mandatory that all the partners are the same or all the partners participate in the conduct of the business or share the profit or losses equally. The partners are classified depending on the nature of work, the extent of liability, etc. There are basically six types of partner: 1. Active/managing partner: The partner who takes participation in the conduct of the business daily is known as active partner. This active  partner is also called an ostensible partner. 2. Sleeping/Dormant: The Sleeping or dormant partner does not participate in the conduct of the business but he is bound by the conduct of all the partners. 3. Nominal partner: The nominal partner  is a partner to the firm only by his name. In reality, the nominal partner has no significant or real interest in the firm. 4. Partner in profit only: The partner who agrees to share the profit but does not suffer losses. Such partner will not be liable for a...
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Q: Elaborate section 41 of Indian Partnership Act, 1932 ?

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Q: What are expressed and implied authority in partnership firm ?

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