Anominal partner is a partner in name only-he incurs no liabilities. True/False? Give reason.
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False
partnership is when two or more people work together and share the profits from the business or profession. However, one must not always assume that all partners participate in the work or profits or even liabilities of the firm equally. In fact, there are various types of partners based on the extent of their liability, or their participation in the firm – like an active partner or dormant partner etc. Let us take a look.
Browse more Topics under The Indian Partnership Act
- True Test of Partnership
- Elements of a Partnership
- Kinds of Partnerships
- Relation of Partners to One Another
- Relation of Partners to Third Parties
- Partnership Property
- Minors admitted to Benefits of partnership
- Rights of Outgoing Partner
- Legal Consequences of Admission or Retirement of a Partner
- Consequences of Non-Registration of Firm
- Dissolution of a Firm
- Consequences of Dissolution of a Firm
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