An agreement on formation of a silent partnership is a legal arrangement between partners of a firm wherein a partner wishes to be a silent partner i.e. partner who does not wish to be a part of daily operating routines of the firm and its management but still shares the financial burdens and is a part of profit or loss of the organization.
A silent partner is normally an investment partner who invests the funds in the business in form of equity and wishes to be a part of profit or loss incurred but is not interested in managing the day to day operations of the firm. In that agreement on the formation of a silent partnership is enacted and contains all the clauses pertaining to the partnership arrangement in the business, the amount of capital invested and the respective partners sharing arrangement, the roles and responsibilities of all the partners, the operating cycle and rights of each partner such right to inspect accounts,right to accurate information etc.
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