Dormant partner


Also found in: Legal.
(Com.) a partner who takes no share in the active business of a company or partnership, but is entitled to a share of the profits, and subject to a share in losses; - called also sleeping partner or silent partner.
See under Dormant, a.

See also: Dormancy, Partner

References in periodicals archive ?
He runs the business entirely as I am a dormant partner, being based in the UAE.
An ILP is similar to a limited partnership company in that a general (defined as an 'Active Partner' in the ILP Law) partner's liability is unlimited and a sleeping (defined as a 'Dormant Partner' in the ILP Law) partner's liability is unlimited.
Matthew Hobden, for some time his dormant partner and with one previous double-figure score in the Championship, was 65 not out.
66 crore disproportionate assets case, Tamil Nadu Chief Minister Jayalalithaa on Tuesday fielded questions relating to firms in which she was a "dormant partner" and the extravagant wedding of her estranged foster son.