A sleeping (dormant) partner:
AShares profits and losses and is liable to third parties, but need not give public notice of his retirement
BCannot be sued by third parties
CIs liable only for his capital
DDoes not share profits or losses
Answer & Solution
Correct answer: A. Shares profits and losses and is liable to third parties, but need not give public notice of his retirement
A dormant partner shares profits/losses and is liable to third parties like any partner, but because he is unknown to outsiders he need not give public notice of retirement.
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