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Forms of Business Organisation — Business Studies STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceBusiness StudiesForms of Business Organisation1 Mark
Question
A partner whose association with the firm is unknown to the general public is called:
  1. Active partner.
  2. Sleeping partner.
  3. Nominal partner.
  4. Secret partner.
✓

Answer

  1. Secret partner.
Explanation:

A secret partner is one whose association with the firm is unknown to the general public. Other than this distinct feature, in all other aspects he is like the rest of the partners. He contributes to the capital of the firm, takes part in the management, shares its profits and losses, and has unlimited liability towards the creditors.

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