(I) Active Partner: A partner who takes an active part in the conduct of the partnership business is known as an active partner.
(ii) Sleeping Partner or Dormant Partner: Such a partner contributes capital and shares in the profits or losses of the firm but does not take part in the management of the business.
(iii) Nominal Partner:
(1) Such a partner neither contributes any capital nor is he entitled to manage the affairs of the business.
(2) He only lends his name to the firm because of the strength of his name and reputation, the firm may attract additional business and raise funds easily.
(iv) Secret Partner:
(1) A secret partner is one whose association is not known to the general public.
(2) Other than this distinct feature, he is like rest of the partners in all respects.
(v) Minor Partner:
(1) Under the Indian Majority Act, person who has not completed 18 years of age is a minor.
(2) However, he will continue to be a minor till he completes 21 years if a guardian has been appointed to the minor.

Contents of Partnership Deed:
a) Name:
Name of the Firm.
b) Nature of Business:
Nature of the proposed business to, be carried on by the partners.
c) Duration of Partnership:
Duration of the partnership business whether it is to be run for a fixed period of time or whether it is to be dissolved after completing a particular venture.
d) Capital Contribution:
The capital is to be contributed by the partners. It must be remembered that capital contribution is not necessary to become a partner for one who contribute his organising power, business acumen, managerial skill, etc., instead of capital.
e) Withdrawal from the Firm:
The amount that can be withdrawn from the firm by each partner
f) Profit/Loss Sharing:
The ratio in which the profits or losses are to be shared. If the profit sharing ratio is not specified in the deed, all the partners must share the profits and bear the losses equally.
g) Interest on Capital:
Whether any interest is to be allowed on capital and if so, the rate of interest. If the deed is silent on interest on capital, the rules for interest on capital in partnership act will take effect.
h) Rate of Interest on Drawing:
Whether any interest is to be allowed on drawing, the rate of interest is to be specified.
i) Loan from Partners:
Whether loans can be accepted from the partners and if so the rate of interest payable there on.
j) Account Keeping:
Maintenance of accounts and audit.
k) Salary and Commission to Partners:
Amount of salary or commission payable to partners for their services. (Unless this is specifically provided, no partner is entitled to any salary).
l) Retirement:
Matters relating to retirement of a partner. The arrangement to be made for paying out the amount due to a retired or deceased partner must also be stated.
m) Goodwill Valuation:
Method of valuing goodwill on the admission, death or retirement of a partner.
n) Distribution of Responsibility:
The work that is entrusted to each partner is better stated in the deed itself.
o) Dissolution Procedure:
Procedure for dissolution of the firm and the mode of settlement of accounts thereafter.
p) Arbitration of Dispute:
Arbitration in case of disputes among partners. The deed should provide the method for settling disputes or difference of opinion. This clause will avoid costly litigations.

1. A Minor can become the member of Joint Hindu Family Business.
2. The membership of the family can be acquired only by birth.
3. As soon as a child is born in the family, that child becomes a member.
4. The business of the Joint Hindu Family is controlled and managed under the Hindu law.
5. Today Hindu Succession Act 2005 is applicable to all male and female members of a HUF.
6. As per the act of HUF by birth a minor can be admitted in the business.
7. In a Joint Hindu Family firm even a new born baby can be a Co-parcener.

When a partnership is formed to carry on a particular venture or a business of temporary nature, it is called particular partnership. In other words, it comes to an end on the completion of the particular venture.

The liability of a sole trader is unlimited. Since, apart from his business assets, even his private properties are also available for satisfying the claims of creditors. Hence, creditors may give more loans because they can get back the loan from the personal properties of sole traders.

Yes. But it can be dissolved only at the will of all the members of the family. Any single member has not right to get the business dissolved. It should be done through mutually agreed partition deed registered by paying proper stamp duty meant for it.

The circumstances leading to the dissolution of Partnership are:
(i) Partner's insanity
(ii) Permanent incapacity
(iii) Persistent breach of the agreement
(iv) Misconduct of a partner
(v) Transfer of shares
(vi) Continuous loss
(vii) Just and equitable grounds

The various circumstances leading to the dissolution of partnership firm can be summarised by taking the first letters used in the term "Dissolution".
D - Death of partner
I - Incapacity of a partner
S - Stipulated period of partnership completed in the case of particular partnership S - Serious misconduct of a partner
O - Object is completed (Particular partnership)
L - Lunacy of a partner
U - Unavoidable continuous loss
T - Transfer of interest of the firm
I - Insolvency of a partner
O- Objectionable unlawful objectives
N - Notice of dissolution by a partner.

The persons who enter into partnership are collectively known as 'Firm'.

LLP is available in countries like USA, Singapore, Thailand and U.K. It is very popular in the service sector and in the small scale business enterprises. E.g: Chartered Accountants, Lawyers, Architects, Engineers and Doctors.

Property inherited upto 4 generations of male lineage(i.e., father; grandfather etc.) is called ancestral property. The right to a share in such a property accrues by birth itself.

Tata Consultancy Services and Haldirams are the top most Joint Hindu family businesses run in India.

In Hindu Undivided Family the liability of Karta are unlimited.