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.
Ohio USLegal Pamphlet on Silent Partners
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US-PMPH-17
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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.
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.
How much does a silent partner receive? According to his or her contribution and equity in the business, silent partners will get paid. An investment of $50,000 from your silent partner turns into a $500,000 value for your business. Thus, they own 10% of the company, and they receive 10% of its profits as well.
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.
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.
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.
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.
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.
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.
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