Explain the following terms/concept: Dormant Partner
Explain the following terms/concept:
Dormant Partner
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1. A partner who does not take active participation in day-to-day working of the firm, is called as dormant partner or sleeping partner.
2. He contributes to the capital of the firm and also shares profit or loss of the business firm.
3. He is liable for the debts of the firm.
4. He cannot find the business firm or third party by his acts.
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