62
Question
A partner who is entitled to share in the profits of a partnership firm without being liable to the losses, is called _________.
A partner who is entitled to share in the profits of a partnership firm without being liable to the losses, is called _________.
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Solution
The correct option is A partner of profits only
A person who becomes a partner for sharing profits only is known as a partner in profits. He contributes capital to the firm but does not take part in the management of the business . He is liable to the third parties like other partners.
A person who becomes a partner for sharing profits only is known as a partner in profits.
He contributes capital to the firm but does not take part in the management of the business . He is liable to the third parties like other partners.
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