Partnership Definitions
General Partnership
All the partners have control over the firm
General partner
Someone who has full personal liability for debts of the firm
Trading Partnership
Buys and sells goods and services commercially
A partner who may be known to the public but takes no active part in management
Non-trading Partnership
Provides professional and noncommerical assistance, such as legal, medical, or accounting advice
Secret partner
Special Partnership
Some or all members of a partnership undertake a unique endeavor in the same area of business as the general partnership
Dormant Partner
A partner who is neither known to the public as a partner nor active in management.
How are they defined?
Classified according to their purpose and according to the extent of the liability of the partners