Personal Investment & Financial Planning Q`s/Business loan
I am starting a small company , we are 4 partners.
I am looking for a personal loan to invest in the company(my share), i have a cousin who could lend me the money $15000.
I am not able to put him in the company because the other partners do not want new members.
I would like to make an offer to my cousin for the loan .
what kind of offer i can make him for that kind of loan? Even if it is love money i would like to do it businesswise with him .
Can you put me on a direction so i can build up something reasonable for me and him?
Hi Claude. In instance like this, most people will put together a personal promissory note in which there is a stated interest rate and method of repayment. There are various ways this can be done, depending on what the borrower (you) and lender (your cousin) are trying to accomplish. Here is a link with some brief information on this:
I see you are emailing from Quebec so please note that this link and any advice I would offer on this arrangement is based on US law. I hope this helps! Please follow up with any additional questions.