I have some Questions regarding silent partners.
Here is some background information to start.
I work for a restaurant as a manager. Upon taking a job for this restaurant, I have decreased wages and improved reputation and business performance exceptionally well. Turnover is approximately 200k per month with Cogs at 20 percent and wages at 30.
After approximately 4 weeks of employment, a few things arose.
Firstly, the business was offered for sale to me for a substantial amount of money. As for any decision, I asked for the profit and loss reports. The owner quickly refused and said she may get sued. So I declined the sale. However, I was given access to her xero accounting. She wanted 50 percent of the sale price on the contract and 50 percent given as a gift so they could claim a loss and avoid capital gains tax.
Looking over the xero account, I soon discovered that the wages were well below my 30 percent budget I had established from staff pays, having no penalty rates nor overtime with apprentices receiving under award rate pays. I also discovered no cash sales had been banked to the account and hotel room charges were also not banked to the account. I also discovered some staff were paid in cash so they could receive their Centrelink benefits.
When another manager was offered this business, she spoke to me about what she should do. She discussed a silent partner and that this business owner had been receiving the hotel revenue to her own bank account and kept all cash to herself to avoid tax and paying her silent partner who invested most capital for the business.
She also discussed insurance claims that had been claimed which were also paid to her personal accounts and charged to the silent partner. This manager said she had been telling staff to go to the fair work ombudsman who refused in fear of termination. She also told me she had been putting in complaints to the ATO.
She mentioned that she could buy out the silent partner.
So my questions are:
Without knowing any partnership agreement made between the 2 parties.
Is it possible to buy out the silent partner and is it possible to have the revenue banked and put through appropriate account?
If I buy out the partner am I liable to tax evasion is the owner gets caught?
Am I allowed to work in the business with them knowing I'm the silent partner?
And if I did become a silent partner what legal action can I take since I have electronic evidence of all transaction made through the Pos systems?
Thank you
Here is some background information to start.
I work for a restaurant as a manager. Upon taking a job for this restaurant, I have decreased wages and improved reputation and business performance exceptionally well. Turnover is approximately 200k per month with Cogs at 20 percent and wages at 30.
After approximately 4 weeks of employment, a few things arose.
Firstly, the business was offered for sale to me for a substantial amount of money. As for any decision, I asked for the profit and loss reports. The owner quickly refused and said she may get sued. So I declined the sale. However, I was given access to her xero accounting. She wanted 50 percent of the sale price on the contract and 50 percent given as a gift so they could claim a loss and avoid capital gains tax.
Looking over the xero account, I soon discovered that the wages were well below my 30 percent budget I had established from staff pays, having no penalty rates nor overtime with apprentices receiving under award rate pays. I also discovered no cash sales had been banked to the account and hotel room charges were also not banked to the account. I also discovered some staff were paid in cash so they could receive their Centrelink benefits.
When another manager was offered this business, she spoke to me about what she should do. She discussed a silent partner and that this business owner had been receiving the hotel revenue to her own bank account and kept all cash to herself to avoid tax and paying her silent partner who invested most capital for the business.
She also discussed insurance claims that had been claimed which were also paid to her personal accounts and charged to the silent partner. This manager said she had been telling staff to go to the fair work ombudsman who refused in fear of termination. She also told me she had been putting in complaints to the ATO.
She mentioned that she could buy out the silent partner.
So my questions are:
Without knowing any partnership agreement made between the 2 parties.
Is it possible to buy out the silent partner and is it possible to have the revenue banked and put through appropriate account?
If I buy out the partner am I liable to tax evasion is the owner gets caught?
Am I allowed to work in the business with them knowing I'm the silent partner?
And if I did become a silent partner what legal action can I take since I have electronic evidence of all transaction made through the Pos systems?
Thank you
