Sleeping Partner

[charminar]

NJ

What are rights of a sleeping/silent partner?
I have 8% equity in company, can I demand access to all accounting/docuemenatation if I am a sleeping partner?
My partner is hesitating to give me access to accounting information/documentation.

Thanks

Taj

 

[JETX]

What does your partnership agreement say as to access to business records??

 

[HomeGuru]

Is the sleeping partner silent when sleeping?

 

[charminar]

NJ
We don't have agreement in place. We have verbal agreement that I won't be involved in day to day operations of the business.

Thanks

Taj

 

[hexeliebe]

Did you sign ANYTHING when you invested 8% of the money, sweat equity or equipment to begin the partnership?

 

[charminar]

Nothing signed or nothing in writing. Only I have is details of agreement and other party's confimation in EMAILS...

Thanks

Taj

 

[JETX]

Then I suggest you get all of YOUR understanding of the 'agreement' and put them in writing. Include the right to review the 'books'. Then, submit them to the general partner for his signature.

Or you can purchase one of the several partnership agreements available on the internet.

 

[hexeliebe]

Double Ditto!!!