what is called nominal partner

Open in App

Solution

Dear student Nominal partner is the one who is not an active partner but allows the business to use his name. Generally he don't contribute any capital, don't actively participate in the managerial activities and have no share in the profits and losses but have unlimited liability. Regards

Suggest Corrections

Similar questions

A partner whose association with the firm is unknown to the general public is called

(a) Active partner

(b) Sleeping partner

(d) Secret partner

Distinguish between a secret partner and nominal partner?

Describe the following :

(a) Sleeping partner

(b) Secret partner

(d) Active partner

Join BYJU'S Learning Program