A partner who contributes only his name to the formation of a partnership is

Assessment: WAEC SSCE - Commerce - 2022 (Objective) Subject: Commerce

Question 1 Report

A partner who contributes only his name to the formation of a partnership is
Answer Details
A partner who contributes only his name to the formation of a partnership is a "nominal partner". This means that the partner is not actively involved in the day-to-day operations of the business and does not make any significant contributions in terms of capital or expertise. The nominal partner is essentially a figurehead or a silent partner, and is usually included in the partnership agreement for the purpose of lending credibility to the business or to provide some other strategic benefit.
Read lesson note on Legal Aspects Of Business (JAMB)
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