Legal Question in Business Law in New Jersey

Re: silent partner

You should definitely have a lawyer help you with the setup of the LLC. You will need an operating agreement that spells out the roles of the members and what each will bring to the business. The default setup that you get without a written agreement will not serve you well in this situation.

See also: http://info.corbettlaw.net/lawguru.htm

Re: silent partner

You need an experienced tax and business lawyer! There are ways to minimize the public awareness of the "silent" member's participation. Nevertheless, to get tax losses, your partner's ownership will need to be listed in the 1065 US Partnership Tax Return in order to receive a K-1 listing the losses for tax purposes.

I hope this helps!

Ron Cappuccio

http://www.TaxEsq.com

Re: silent partner

The other two attorneys have basically said it. You need expert assistance to get it done right.

If you are in northern NJ, I would be happy to help you.

I am in Hackensack, right across from the Bergen County Courthouse.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru. This website, LawGuru, will NOT let me list my phone number in this response.

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