Should I become a 49% silent partner in family business?

W

Will

New member
I was approached by a family member to become 49% owner in a family construction business. The business is doing well and owes nothing. All start up costs were paid with cash and business has no debt. I would not have to invest any money to become partner. I would also not receive any profit (unless business was sold or owner died) - the partnership is simply to avoid giving full control to current 51% owner. Should I accept the partnership? Could this affect my personal life i.e. income taxes, if company goes bankrupt, etc.?
 
I am not a finacial expert, but I do not see why you wouldn't recieve a say (or vote) in company decissions OR any of the profits from the business. Only thing I can see is that you would be stuck with 49% of the burden, should something happen to the company. You are clearly in the drivers seat, from what i can see, to negotiate a say (or vote) in the company, or a 49% of profits. If you are strongly thinking of it, I would ask them to look at their books, and have an accountant go over them, before you decide.
 
Back
Top