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Business refere to an occupation in which people regularly engage in activities related to purchase, productions and for sale of goods and services with a view to earn profits.
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Types of Partners in a Partnership
- Working Partner
A Working Partner is one who contributes capital to the business and takes active part in its management. Hence, he is called active partner. - Sleeping Partner
A Sleeping Partner is one who contributes only capital to the business, but does not take part in its management. He is also called dormant partner or financing partner. - Nominal Partner
A Nominal Partner does not contribute capital. Neither does he take active part in the management. His contribution in a partnership is limited to allowing the other partners to make use of his name. - Partner by Estoppel
Partner by Estoppel is not a partner of the firm but by his words and conduct he leads the outsiders to believe that he is also a partner of the firm. Usually this arises, when the outgoing partner fails to give notice about his retirement. - Limited Partner
In foreign countries like U.K., the law of the land permits the admission of partners with limited liability. But in India, no one can be a limited partner. There is only one exception. The liability of a minor admitted for the benefits of partnership is limited to the extent of his capital contribution. - Secret Partner
A Secret Partner is actually a partner of the firm. But he does not hold out to the public as a partner of the firm but keeps his existence as secret. His liability is also unlimited. - Partner by Holding Out
Though a Partner by Holding Out is not a partner, he knowingly permits himself to be a partner of the firm by his activities. - Sub – Partner
A Sub-Partner has no direct contact with the firm. He is only next to a partner. - Partner in Profit
A Partner in Profit becomes a partner whenever the firm earns profit. His liability is also unlimited.
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Sia ? 5 years, 2 months ago
Therefore, tertiary industries are wider in scope than auxiliaries to trade and they cover all auxiliaries to trade.</div>
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Gaurav Seth 5 years, 1 month ago
'Bank' is a financial institution that accepts deposits and channels the money into lending activities. 'Banking' as an activity involves acceptance of deposits and lending or investment of money.
1.Central bank: Central bank is the apex institution of a country’s banking system. It controls, regulates, and supervises the activities of commercial banks. In India, the Reserve Bank of India is the central bank.
2. Commercial banks : Commercial banks accept the deposits for the purpose of being lent to industry or trade. These Eire governed by the Indian Banking Regulation Act, 1949. These are sub-divided into :
(i) Public sector banks : Public sector banks are managed and controlled by the government as it is the major shareholder. These banks make policies keeping in view the welfare of the people.
(ii) Private sector banks : These are managed and controlled by private individuals as a majority
of shareholders are from private concerns. These banks work on a profit basis.
(iii) Cooperative banks : These banks are formed to provide/grant loans to its members on easy terms. These are controlled by the State Corporation Societies Act.
(iv) Specialised banks : These banks are formed with the purpose of providing specific needs of the industry.
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