Maharashtra State BoardHSC Arts 12th Board Exam
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Give the Word / Term Or Phrase Which Can Substitute the Following Statement. a Partner Who Contributes Only Capital for the Business but Does Not Take Any Active Part. - Book Keeping and Accountancy

One Word Answer

Give the word / term or phrase which can substitute the following statement.

A partner who contributes only capital for the business but does not take any active part.

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Sleeping partner

Explanation: A partner who contributes only capital for the business and does not take any active part in the day to day functioning of the business is regarded as a sleeping partner.

Concept: The Indian Partnership Act 1932
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Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 1 Introduction to Partnership
Exercise | Q 7 | Page 13
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