Types of Partners
The Five Types
There are five types of partners: General, Dormant, Limited, Secret and Silent. This poster is only going to cover three of the five; general, dormant and silent.
A general partner is one of the most common type of partner. This partner is an active participant in the business. A general partner is one that is known to the public. They also have unlimited liability in the company.
A dormant partner is a partner who does not have active partnership in the business. The are also unknown to the public. Even though the have no participation in the business and are publicly unknown, a dormant partner still has unlimited liability.
A limited partner is a partner who, like the dormant partner, is inactive in business activities. Similar to the general partner, they are known to the public. The thing that sets the limited partner aside from dormant and general partners is that this partner has limited liability in the company.