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Partnering in an Business

Discussion in 'Start up company issues' started by arry04, Feb 18, 2014.

  1. arry04

    arry04 Junior Member

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    I have a friend who trying to buy a small cofe shop for about 140K, He has 100K and needs 70K loan for a period of 1year.
    He is willing to pay 2-3% interest per month, and then pay back the 70K at the end of the year. The cafe has been profitable based upon
    the last several years of returns and my friend does has prior experience of about 5 years running a different cafe.
    I would not be able to participate in the day to day affairs, but at the same time would like to help him with money.
    He does not have any other collateral.
    1. What would work best for me if I were to lend him this money ? Should I be partners in the Business incorporation for x percent ?
    2. how should I ensure that my money is safe and I do get the monthly installments back ?
    3. As much I want to help him, but I want my interest to be protected and do not want to loose money....what are my options ?
  2. Ron Gotcher

    Ron Gotcher Attorney at Law

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    You need to speak with a local business attorney, who can advise you properly.

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