Restaurant Partnership Agreement With Silent Partner
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FAQ
Per state regulations, most businesses need to be registered as a general or limited partnership company before the owner can seek out partners. After the business owner registers the company and finds a silent partner, they arrange a written agreement to document the terms of the partnership.
The silent partner provides their contribution. In return, they secure equity or partial ownership of your business (reflected in a percentage, e.g. 20% of your 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.
If the partnership deed is silent then the rules applicable for partnership without partnership deed will be applicable which are as follows: Profits and losses should be shared equally among partners. Partners will not receive any interest on capital.
What Is a Silent Partner? A silent partner is an individual whose involvement in a partnership is limited to providing capital to the business. A silent partner is seldom involved in the partnership's daily operations and does not generally participate in management meetings.