Legal Question in Business Law in Massachusetts

You need to acquire stock in the corporation if you are going to own half the medallion. You do not need to get a loan to buy the stock, if the corporation will allow you to buy it over time or at a price you can afford.

You do not need to buy stock to be an officer or director of the corporation. I suggest you contact an attorney for assistance to make sure the agreement between you and the owner are properly documented. I do represent cab companies in my regular practice.

To be a proper partner, the terms of the agreement must be fully explored and written in detail, including various issues including liability. So far it seems that you are trying to get into trouble.