What is a nominee partnership?
A "nominee" is someone who is given limited authority to act on behalf of an entity, usually for a limited period of time, and usually during the formation of the entity. The "principal officer, general partner," etc., as defined by the IRS, is the true "responsible party" for the entity, instead of a nominee.
What is a nominee legal?
A person who manages funds or the legal affairs for the benefit of others, similar to an agent or trustee. For example, a nominee may serve as a real estate broker, and may be instructed to buy land for instructor.
What does nominee mean on a real estate contract?
A nominee is generally understood to mean one who is appointed by the originally responsible party but who has not contractually agreed to assume those responsibilities. • In a real estate transaction, typically the assignee or nominee becomes the buyer in place of the named buyer in the contract.
What is the difference between an agent and a nominee?
The agent is chosen and legally nominated to handle one or more business or personal issues. The nominee can act on behalf of an investor in Hong Kong during the company registration in Hong Kong or he can be assigned as a nominee director for a company incorporated in the city.
Is a nominee agreement legal?
In real estate matters, the nominee agreement may actually transfer legal ownership of a property to another person. The agreement also states what can be done with the property, and how benefits and responsibilities of that property ownership are to be handled.
What does nominee mean in real estate?
n. 1) a person or entity who is requested or named to act for another, such as an agent or trustee.
What is a nominee agreement?
A nominee agreement is an agreement where one person agrees to act on behalf of another person in certain legal matters. A nominee agreement is like a power of attorney but may be broader in scope. A nominee may receive a payment for services or may agree to conduct the affairs of without charge.
What does it mean to be a nominee for a company?
A nominee is a company that is nominated to hold assets on behalf of another entity. In early stage investing, the nominee's role is to hold shares in a company on behalf of the underlying investors in the business.
What does being a nominee mean?
Word forms: nominees A nominee is someone who is nominated for a job, position, or award. His nominee for vice president was elected only after a second ballot. Synonyms: candidate, applicant, entrant, contestant More Synonyms of nominee.
What is a nominee partnership?
A "nominee" is someone who is given limited authority to act on behalf of an entity, usually for a limited period of time, and usually during the formation of the entity. The "principal officer, general partner," etc., as defined by the IRS, is the true "responsible party" for the entity, instead of a nominee.