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A person who allows the use of his name by a firm, but does not contribute to its capital is called ___________
- a)Active partner
- b)Nominal Partner
- c)Dormant partner
- d)None of these
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
A person who allows the use of his name by a firm, but does not contri...
Nominal Partner: A person who is of great reputation in the market and lends his name to the firm is known as Nominal Partner. Such a partner neither contributes capital nor takes part in the management of business of the firm.
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A person who allows the use of his name by a firm, but does not contri...
A nominal partner is a partner in the business who has no actual interest in the trade or its profits. However, the person allows his/her name to be used in the business. A nominal partner holds himself/herself out to the world as having an apparent interest in the business.
A person who neither has ownership rights or active involvement in the firm's affairs, but has a strong interest in the success of the partnership firm. Often a well known, well connected individual whose association lends credibility and recognition to the firm is suited to the role of a nominal partner.
A person who neither has ownership rights or active involvement in the firm's affairs, but has a strong interest in the success of the partnership firm. Often a well known, well connected individual whose association lends credibility and recognition to the firm is suited to the role of a nominal partner.
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