alleryA 'partner in profits only':
AShares profits and bears losses
BCannot share profits
CShares profits, is not liable for losses (as between partners), but is liable to third parties for acts of the firm
DHas no liability to anyone
Answer & Solution
Correct answer: C. Shares profits, is not liable for losses (as between partners), but is liable to third parties for acts of the firm
Such a partner shares only profits and is not liable for losses among the partners, but remains liable to third parties for the firm's acts.
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Related questions
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