A partner who has full power of participating in the conduct of a partnership business is a
Answer Details
A partner who has full power of participating in the conduct of a partnership business is known as a "general partner". A general partner is actively involved in the daily operations of the business and has unlimited liability for the debts and obligations of the partnership. This means that if the partnership is unable to pay its debts, the general partner's personal assets may be used to settle the outstanding obligations. In contrast, a limited partner has limited liability and is not involved in the day-to-day operations of the partnership. A sleeping partner is another name for a silent partner, who provides financial capital but does not participate in the management of the business. A nominal partner is someone who is held out to be a partner, but in reality, does not have any actual involvement in the partnership business.