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
1 Answer from Attorneys
James Smith
James E. Smith Ltd.
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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