Advertisements
Advertisements
Question
Explain the following term/concept:
Nominal Partner.
Advertisements
Solution
- A partner who only lends his name and reputation to the partnership firm is called a nominal partner.
- He is simply obliging his friends by allowing the firm to use his name as a partner.
- He may or may not be given any share in the profits of the firm.
- He does not contribute to the capital of the business.
- He is liable to the debts of the firm.
APPEARS IN
RELATED QUESTIONS
Complete the sentence.
Admission of new individual into existing business has given birth to _____________
Complete the sentence.
A partner who takes active participation in the day to day working of the business is known as _____________
Complete the sentence.
When there is no provision in partnership agreement regarding time period for partnership then it is known as _____________.
Answer in one sentence.
What do you mean by partnership firm?
Answer in one sentence.
What do you mean by partner-in-profits only?
Answer in one sentence.
What do you mean by a general partnership?
Correct the underlined word and rewrite the following sentence.
Indian Partnership Act, 1940 is applicable in India.
Study the following case situation and express your opinion:
Mr. Jumbo a Chartered Accountant by profession and Mrs. Timbo, an Architect by professing running a firm namely ‘Buildsheet’ in Nagpur.
- Identify a business in the above example.
- Comment on it?
- Which two professions are mentioned here?
Justify the following statement.
Active partners take active part in day to day management of partnership firm.
Answer in one sentence.
What is Quasi Partner?
Answer in one sentence.
What is Quasi Partner?
Answer in one sentence:
What is Quasi Partner?
What is Quasi partner?
Answer in one sentence.
What is Quasi Partner?
Answer in one sentence.
What is Quasi Partner?
Mr. Sawant a Chartered Accountant by profession and Mrs. Tambe, an Architect by profession running a firm namely ‘ST Firms’ in Nagpur.
- Identify the form of business organisation in the above example.
- Is it a registered organisation?
- What is the Profession of Mr. Sawant?
Which law defines a partnership in India and provides its legal framework?
According to the features of partnership shown in the image, what is required for a partner to transfer their ownership interest to someone outside the firm?
Which of the following is a major demerit of partnership firms?
Dr. Sharma and Dr. Mehta jointly manage a clinic, share the profits, losses, and responsibilities. Their business is best classified as a______.
