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WAEC Commerce 2020 Question 7

Question 7

Business Units

A partner whose name is used to boost the image of the business and does not contribute capital is a

  1. A.dormant partner.
  2. B.general partner.
  3. C.limited partner.
  4. D.nominal partner.
Show the answer and explanation

Answer: D (nominal partner.)

Explanation

A nominal partner lends only his name and reputation, without contributing capital.