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Question
Justify the following statement.
Active partners take active part in day to day management of partnership firm.
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Solution
- An active partner is also called a working partner. He brings in capital and also takes an active part in the business of the firm.
- He has unlimited liability and shares the profits and losses of the firm.
- He is also called a managing partner.
- Thus, active partners take an active part in the day to day management of the partnership firm.
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