Legal Question in Business Law in Nevada

Getting a gift of $15,000 from friend - want to repay over three years with 10%
An employee of my business is loaning me $15,000 for the business. In return, I wanted to repay them the $15,000 plus 10% interest over three years. I would like to pay them annually over the three years (ie,$6,500/year). I am receiving an SBA loan and I can only receive gifts (as my banker told me), so it has to be an agreement between the employee and myself personally. What type of form would I use?

Asked on 9/03/05, 3:20 pm

James Smith James E. Smith Ltd.

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Re: Getting a gift of $15,000 from friend - want to repay over three years with

Use a promissory note

Answered on 9/03/05, 6:17 pm

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