14:42
@PuppyBot: oh ok makes sense
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LSDefine
Simple English definitions for legal terms
secret partner
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A quick definition of secret partner:
A secret partner is someone who is part of a business but their involvement is kept hidden from the public. They share in the profits but may not have an active role in managing the business. They can also be called a sleeping partner.
A more thorough explanation:
A secret partner is a type of partner in a business whose connection with the firm is hidden from the public. They are also known as sleeping partners. They share in the profits of the business but do not take an active role in its management.
For example, if a group of friends start a business and one of them invests money but does not want their name to be publicly associated with the business, they can be a secret partner. They will still receive a share of the profits, but their involvement will not be known to customers or the public.
Another example is a wealthy investor who wants to invest in a business but does not want to be involved in its day-to-day operations. They can be a secret partner and provide financial support without being publicly associated with the business.
Overall, a secret partner is a type of partner who is involved in a business but keeps their involvement hidden from the public.