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
Answer in one sentence.
What is Quasi Partner?
Correct the underlined word and rewrite the following sentence.
Indian Partnership Act, 1940 is applicable in India.
Explain the following term/concept:
Partnership Firm.
Justify the following statement.
Active partners take active part in day to day management of partnership firm.
Attempt the following:
Explain different types of Partnership Firms.
Attempt the following:
Explain the features of a partnership firm.
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?
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?
Answer in one sentence.
What is Quasi Partner?
What document outlines the rules, roles, profit-sharing, and terms between partners in a partnership firm?
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______.
