who is a working partner ?
what are all the liabilities of working partner ?
Do working partner have a right to share the loss ?
6 Answers from Attorneys
All partners, except those admitted only to profit like minors, are working partners and share profits and loss equally with other partners.
it all depends upon the memorandum of partnership and term and conditions agreed between or amongst the partners.
Please refer to Indian Partnership Act. One who is not sleeping partner is an active or working partner. One needs to refer to the agreement to precipitate the sleeping or working partner.
It depends upon partnership deed but an active partner is liable for losses also upto the extent of his share.
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Go through the partnership deed to check if working partner can share losses. However, for the purpose of defining working partner refer to the partnership act.
Working partners are ones who are named as such in the Partnership deed. They may share profit and loss as per agreed terms.
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