Write short notes on the following types of partners. 4mks a) Active Partners b) Minor partners c) Quasi partner d) Outgoing partner

Short notes.

1. Active partner –  One who takes an active role in the running of the partnership business
2. Minor partner –  One who is under 18 years of age, shares profits but cant take part in management.
3. Quasi partner –  One who does not contribute capital but allows the firms to use his name as a partner.  Shares profits but not losses.
4. Outgoing partner – One who is retiring from a partnership business with the consent of all other partners or in accordance with any previous agreement.