Inspite of not being a partner, he becmes able to third parties for the repayment of the firm's debts." By what name such a partner is known?
Active partner
Silent partner
Nominal Partner
Partner by Holding Out
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Answer:
Nominal partner
Explanation:
This is a partner that does not have any real or significant interest in the partnership. So, in essence, he is only lending his name to the partnership. He will not make any capital contributions to the firm, and so he will not have a share in the profits either. But the nominal partner will be liable to outsiders and third parties for acts done by any other partners.
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Step-by-step explanation:
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