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Questions and Answers
What type of partnership is also known as partnership by estoppel?
What type of partnership is also known as partnership by estoppel?
- Partner in profits only
- Outgoing Partner
- Partner by Holding Out (correct)
- Incoming Partner
Which type of partner contributes to capital but has no active participation in the business?
Which type of partner contributes to capital but has no active participation in the business?
- Minor
- Sub-Partner
- Nominal Partner
- Sleeping Partner (correct)
Which type of partner is liable for all acts of the firm as if he were a real partner, but is not entitled to share the profits?
Which type of partner is liable for all acts of the firm as if he were a real partner, but is not entitled to share the profits?
- Minor
- Sleeping Partner
- Sub-Partner
- Nominal Partner (correct)
Which type of partner can be admitted to a firm already in existence and is not liable for the firm's acts done before his admission?
Which type of partner can be admitted to a firm already in existence and is not liable for the firm's acts done before his admission?
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What type of partner is admitted only for benefits and is not liable to share the firm's liabilities?
What type of partner is admitted only for benefits and is not liable to share the firm's liabilities?
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