Name the following: (i) A person who lends his name and goodwill for the benefits of a partnership firm - Business Studies - Nature and Significance of Management

Question

Name the following:
(i) A person who lends his name and goodwill
for the benefits of a partnership firm
(ii) A person who contributes capital but does
not take active part in the business of the firm
(iii) A document containing terms and
conditions of partnership
(iv) A partnership set up for a specific
project
A person, who contributes capital, participates in the
business but whose identity is not disclosed to
outsiders

Manas Kundra · Accepted Answer

Nominal Partner:
A person who is of great reputation in the market and lends his
name to the firm is known as Nominal Partner Such a partner neither
contributes capital nor takes part in the management of business of
the firm

Sleeping Partner:
As the name suggests these partners contribute only capital and do
not take active part in the business activities of the
firm

Partnership Deed:
This is a document containing terms and conditions of
partnership

Particular Partnership:
A partnership firm formed mainly to fulfill a specific
purpose

Secret Partner:
A partner who contributes capital and participates in the business
of the firm but whose identity is not disclosed to the outside
world