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This question belongs to Commerce Business And Commerce

Business and Commerce

?

A nominal partner is ______.

A) not entitled to share the profits of the concern B) entitled to equal share in the profits unless there is an agreement to any other profit sharing ratio C) not liable for the acts of other partners D) not able to third parties

Answer & Solution

Correct Answer: Option A

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 nominal partner will be liable as a partner, because of the false appearance the person holds before the world.

Question posted by Examveda

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