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baddestbunny
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LSDefine
Simple English definitions for legal terms
ostensible partner
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A quick definition of ostensible partner:
An ostensible partner is someone who appears to be a partner in a business, but actually has no real interest in the partnership. They are also known as a nominal partner or partner by estoppel. This means that they are not really involved in the business, but they are held out to the public as a partner. They may not have any say in the management of the business, but they can still be held liable for any debts or obligations of the partnership. It is important to be clear about who is a real partner and who is just an ostensible partner to avoid any confusion or legal issues.
A more thorough explanation:
Definition: An ostensible partner is a person who is held out as a partner in a firm or business but who has no actual interest in the partnership. They are also known as a nominal partner or partner by estoppel.
Example: John is introduced to clients as a partner in a law firm, but he does not actually own any part of the firm. He is an ostensible partner.
This example illustrates how an ostensible partner is someone who is presented as a partner in a business, but they do not actually have any ownership or management responsibilities. They may be introduced to clients or the public as a partner, but they do not have any legal rights or obligations as a true partner would.