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View Full Version : Silent Owner How allow someone else 'appear as owner without others really knowing



EcoPlus
11-23-2013, 01:47 AM
Thank you. I have done ALL the business planning, designs, charting etc. of the business I want to launch; but I'm currently disabled and it's hard for me to run the business all by myself. Also, I'm a white 53 year old male with a record (Credit Card abuse) I did when I was 25. I don't want to argue about other things; I just wanted to ask -Please - how can I allow a college aged Asian entrepreneur appear as owner and not lose control of business and with me like a silent partner?

Again, I'm not looking for anything but an answer how to accomplish this legally; and I would greatly appreciate your input and help at answering this question. Thank you.

Respectfully, Walter

Freelancier
11-23-2013, 09:15 AM
It's really not a big deal: you own the company, they are your employee and represent your business. The term "silent partner" is really for partners who contribute only money and (maybe) vision. You'll likely want more of a hand in day-to-day decisions, so you should be the business owner and grant your employee (or partner if you decide on a partnership) enough power to do what needs to be done.

HOWEVER, if you were thinking of having this structure and then going off and getting a loan or finding other investors, just know that you're not going to be able to be silent enough as a majority owner.

tallen
11-23-2013, 10:29 AM
One of the businesses we (my spouse and I) are involved in is organized as a corporation. We do not own any shares, but we are named as officers of the corporation (e.g. Treasurer, Chief Operating Officer). The actual owner of the corporation retains the titles of President and Chairman, but is generally not directly involved in the day-to-day operations. We report to him and seek his advice, but to the outside world, we represent the corporation (being named officers of the corporation helps in that regard).

If your business is organized as a sole proprietorship, rather than as a corporate entity, it may be trickier. However you arrange it, though, you should have a carefully structured contract between you and the person you wish to have run your business for you. But even with a contract, any such arrangement requires a great deal of trust.

EcoPlus
11-24-2013, 07:42 PM
One of the businesses we (my spouse and I) are involved in is organized as a corporation. We do not own any shares, but we are named as officers of the corporation (e.g. Treasurer, Chief Operating Officer). The actual owner of the corporation retains the titles of President and Chairman, but is generally not directly involved in the day-to-day operations. We report to him and seek his advice, but to the outside world, we represent the corporation (being named officers of the corporation helps in that regard).

If your business is organized as a sole proprietorship, rather than as a corporate entity, it may be trickier. However you arrange it, though, you should have a carefully structured contract between you and the person you wish to have run your business for you. But even with a contract, any such arrangement requires a great deal of trust.


Yes, I like your idea and would greatly appreciate you help please which corporation to use and maybe a few other details. I my case I have seasonal bipolar where 6 months for Jan to about the middle part of March or April I lose All the motivation and interest during these months. THEN, I come back working 16 to 20 hours a day (and the work of two people at least).

I don't want to lose control and that's why I would like to know more about how to do it; but put the spot light on my entrepreneur college Asian lady who will be the businesses main go getter while I'm in my low mode of bipolar; I can still do a lot of things like check the accounting, inventory, over all running of what the business is looking like; but I will need her to make sure things are being carried out and done during this 4 to 6 month period.

Thank you for answering this post and I hope to hear from you further.

Very Respectfully, Walter Chaote

tallen
11-25-2013, 07:50 AM
Your best bet is to find an attorney with expertise in small businesses to help you with the incorporation of your business and the writing of the contract between your corporation and your entrepreneur.

EcoPlus
12-08-2013, 09:38 PM
Thank you for the suggestions; thanks, but I was hopping this was a legal type forum section and I could either get such a contact between my coproration and my entrpreneur here please; I'm almost done with organizing my pictures and designs on flickr I make out of tires and I think your going to like them. I will keep you postedl. PS: I'm needing and looking for an entrepreneur here in San Diego, CA. Mainly, a experienced lady. Can't hurt to ask. I've already been told by many people who have received their funding with crowd funding with kickstarter or Indigogo. So I Know I will do well; the main problem most make with crowdfunding is not understanding shipping if you get more funding then you requested.

Well, thank you all and God Bless this holiday season; Yours Very respectfully, Walter

vangogh
12-09-2013, 02:43 PM
This is a question, answer, and general discussion forum. This isn't a place specifically to look for contacts, though it's possible someone you get to know here might become a contact. It's also not a place to actively seek employees or business patterns. We don't allow members to post job offers. Thanks.