sleeping partner

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Silent Partner

In a partnership, a partner who owns a share in the company's equity, but does not take part in management. A partner provides capital in order to fund the company's operations and is liable for loss up to the amount of an investment. A silent partner is also responsible for at least a portion of the company's tax liability. Less commonly, a silent partner is called a sleeping partner.

sleeping partner

a partner in a PARTNERSHIP who contributes capital to finance the business but takes no active part in managing the company. Sleeping partners still retain unlimited liability for the debts of the partnership alongside active partners.
References in periodicals archive ?
Baby Guess Home, Park Smith and Sleeping Partners all package their infant bedding in pouches.
Slated for next spring from Sleeping Partners is the Cambridge collection encompassing 20 different fabrics.
I'm a sleeping partner and to be honest I've got enough to do anyway with my charity matches and TV and magazine work.
Today, Sleeping Partners, taking up little more than apartment-size loft space, does close to $1 million dollars in business.
Considered mid range to high-end, Sleeping Partners products can be seen in stores such as Portico, Linens 'n Things, Barneys, Monkeys & Bears and other specialty stores.