Definition of sleeping partnership in income tax act
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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. ... Less commonly, a silent partner is called a sleeping partner.
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Sleeping partnership in income tax act
As per income tax act of parternership firm includes LLP .So all the provision for partership firm applies to it.In case of sleeping partner one has to keep following two point in mind.
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