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.
New York USLegal Pamphlet on Silent Partners
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50/50 is normally the profit split between partners in a partnership.
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.
What should a Silent Partnership Agreement include?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.
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.
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.
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.
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.
Silent partners in any business provide capital for the company but do not actively participate in the entity's management. Because the LLC structure is inherently flexible, silent investors may have the same number of shares as active members or smaller shares commensurate with the amount of money invested.
For this reason, bringing on a silent partner as an investor isn't cheap; expect to spend at least $15,000 in fees if you wish to raise capital in this manner.
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).
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