Question

Write only a word or a phrase or a team which can substitute the following statement.
A partner who gives only his name to the partnership firm.

Answer 1

Nominal Partner is a partner who lends only his name to the partnership firm. He does not contribute any capital in the firm, does not take active part in the management and also does not share profits and losses of the firm. However, he is liable to the third parties for the debts of the firm.