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Give the Word / Term Or Phrase Which Can Substitute the Following Statement. a Partner Who is Engaged in Day to Day Activities of the Business. - Book Keeping and Accountancy

One Word Answer

Give the word / term or phrase which can substitute the following statement.
A partner who is engaged in day to day activities of the business.

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Solution

Active partner

Explanation: A partner who is engaged in day to day activities of the business is regarded as an active partner. He works on behalf of all other partners of the firm and is also paid a salary, if mentioned in the deed.

Concept: The Indian Partnership Act 1932
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 1 Introduction to Partnership
Exercise | Q 4 | Page 13
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