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.
Delaware USLegal Pamphlet on Silent Partners
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US-PMPH-17
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FAQ
The commission paid to the working partner in a business is 5 % of the profit.
How much does a silent partner get paid? Silent partners get paid depending on their contribution and their equity in your business. Let's say that your silent partner invested $50,000, and your business is valued at $500,000. That means they have 10% ownership of the business, and they'll receive 10% of the profits.
Although state regulations can vary regarding silent partners, their relationship with the business and their potential liability, silent partners are commonly protected from unlimited personal liability for any debts or obligations of the partnership business.
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.
Becoming a Silent Partner You can become a silent partner by entering into a limited partnership agreement with another person. The other person is the general partner, and they will be responsible for managing the business on a day-to-day business.
Although silent partners can involve themselves as needed, they usually don't participate in managing the business. Their ownership is motivated by return on investment.
In a partnership, two or more people are jointly and severally responsible for their business. Any member of a partnership may own a share, but all percentages must be at or above 100 percent.
A Silent Partnership Agreement may include the following:Information about the partnership, including name, place and purpose.Term of the partnership.Percentage of ownership in the business.Specific contributions to be made by each Partner.How additional contributions are handled by the partnership.
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.
Partners share in the profits and losses to the extent of their share in the business. If each contributes 50 percent of the start-up money, then each is entitled to 50 percent of the profits, according to Weltman.
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