Definition: is an individual that holds an interest in the financial success of a partnership company, but isn’t legally a partner as he or she doesn’t own any shares of the organization, and doesn’t play an active role in its activities. Oftentimes, such an individual is a famous person that has a wide web of connections either in business, politics or in the media. The presence of the nominal partner adds credibility to the company and increases its reputation and status, while the former is compensated for his service. Alternatively, such a person can be called a limited partner.
Nominal partner in a sentence:
Patrick Millar is a nominal partner at Cryon Genetics, and he participates in all of the company’s marketing campaigns. Even though he doesn’t make any business-related decisions, his status as a movie star helps the company uphold a positive media image.
Since Mr. Clover is closely tied to the governor of California, Solar Tech was seriously interested in signing him as a nominal partner. They offered him an impressive compensation fee, and he promised to call them back tomorrow.
Synonyms and related words: limited partner, unlimited partner, ostensible partner, limited partnership, general partner