This pamphlet provides an overview of silent partners. Topics covered include what a silent partner is, steps to take before becoming a silent partner, and how buy-sell agreements are used.
Connecticut USLegal Pamphlet on Silent Partners
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FAQ
50/50 is normally the profit split between partners in a partnership.
The primary benefits of being a silent partner is the ability to earn investment returns with limited involvement and being in a position of limited liability for any financial obligations of the business. When a business partnership is formed, the various partners make varying capital and asset contributions.
Income from the partnership earned by silent partners is not subject to self-employment taxes because silent partners are not considered employees. General partners must pay self-employment taxes because they work for the business. Forming a limited partnership (LP) can limit the liability of silent partners.
But what is a fair percentage for an investor? When it comes to angel investors, the general rule is to offer approximately 20-25% of your business earnings. If you're selling the business in its infancy, this is the amount that investors will expect in returns.
A silent partner is a partner who shares in the profits, has no active voice in management of the business, and whose existence is not publicly disclosed. A secret partner is a partner whose connection to the business is concealed from the public but may participate in the management of the business.
Silent Partners A silent partner is any individual who provides funding to a business as his only contribution. Partnerships and LLCs can have silent partners. Silent partners can also be referred to as limited partners (LPs).
While they're responsible for their individual taxes, silent partners rarely involve themselves with the company's taxes. Because of their limited involvement with the company's daily operations, silent partners can't claim as many tax deductions as company owners.
There are, however, a number of words of wisdom to take on board and pitfalls for a business to avoid when taking their first big step. A lot of advisors would argue that for those starting out, the general guiding principle is that you should think about giving away somewhere between 10-20% of equity.
The silent partner steps back and lets you run the business. Once your business turns a profit, the silent partner receives 20% of the net profit. The profit is what's left after you subtract business expenses from your total sales revenue.
In partnership businesses, ownership is allocated to each partner's capital account as a percentage of 100 percent, so silent partners should generally hold no more than 49 percent of the business.
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