sleeping partner

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sleeping partner

a partner who takes no active part in the administration of the firm. As far as liabilities of the firm are concerned, however, he is as much a partner and responsible as such just as much as if he took an equally active part in the administration of the partnership business as the partners who actually carry it on.
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References in periodicals archive ?
Although it deals exclusively with UK law, it has attracted enquiries from locations ranging from St Lucia to Saudi Arabia, mainly from expatriates who are sleeping partners in UK companies.
The improved model is designed to feature better motion separation for sleeping partners; better durability with more steel in the springs and stronger foundation corners; seven comfort levels; and new tickings of terry cloth and a velvetlike material.
Henry Briggs, senior partner at the Birmingham office of BKR, said: 'Some directors have tried to escape responsibility in the past by claiming they are purely sleeping partners or non-executive in the company.
"We bought into a small food distributor which was importing here for pounds 800,000 with help from sleeping partners.
Sleeping Partners in rural Suffolk specialise in the manufacture of quality, hand-made mattresses and bases.
New York City-based Sleeping Partners had one of its best shows to date.
SLEEPING PARTNERS: Jade Goody and Charles Ingram feature in the new edition of the Radio Times