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.
North Carolina USLegal Pamphlet on Silent Partners
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US-PMPH-17
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Rights of a Silent Partner. A silent partner has the right to earn investment returns (proportionate to his or her initial investment) with limited involvement and liability. Silent partners also have the right to review company financial statements and provide input on changes made to the partnership agreement.
A silent partner agreement is a written legal agreement under which an investor commits to make an investment in a partnership, in exchange for the rights accorded to a limited partner.
Silent partners are investors. A silent partner is any individual who provides funding to a business as his only contribution. Partnerships and LLCs can have silent partners.
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.
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.
Participating as a silent partner is a suitable form of investment for those who want to have a stake in a growing business without exposing themselves to unlimited liability. Contracts should include terms for buying out the ownership stake held by a silent partner or otherwise dissolving the partnership.
Silent partners are also known as limited partners, since their liability is typically limited to the amount invested in the partnership.
Definition. Member of a partnership who shares in the partnership's profits and losses but is not involved in active management of the company. A silent partner could still be personally liable for the company's debts unless the partnership is a limited liability partnership.
Liabilities of a Silent Partner: The liability of a Silent Partner does not extend beyond the amount of his capital investment. Such a partner is liable to third parties who give credit to the firm even without knowing of his being partner but subsequently discovering the fact.
Definition. Member of a partnership who shares in the partnership's profits and losses but is not involved in active management of the company.
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