Legal Question in Business Law in New Jersey
Partnership problem
My question is I want out of the LLC Partnership and my partner will own the business 100%, but the money to open the business is a HEL on my house. He claims he will pay it monthly but I want to know what I need to do to make it legally known that he owes me. That way if he doesn't pay I have documents showing his agreement. Also the loan is a interest only loan so even though it's paid monthly it doesn't pay down the principal so I need that in writing too.
2 Answers from Attorneys
Re: Partnership problem
You are in a very precarious situation. You certainly want a promissory note from your business partner evidencing the indebtedeness and the amounts he owes you, but if he defaults, YOU are still responsible for making your mortgage payments, not him.
We can help you draft the appropriate paperwork, but you should ensure you have the necessary funds to pay your mortgage in the event your partner fails to keep his end of the bargain.
Re: Partnership problem
You have a big problem, and you need a lawyer's help.
Call a lawyer who handles business transactions, real estate and lawsuits.
If you are in northern NJ, please call me. You need to NOT make this WORSE!
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