Legal Question in Business Law in New York
Buisness agreement
in getting together with an old partner he was i thouht going to use his cash to purchase a buisness but now has borrowed most of it and wants to give me 30% of buisness when store was paid. But now has told me he is borrowing most of it. Should I get on the loan agreement and have 30 of company from the begining. I am putting in sweat equity no cash.
1 Answer from Attorneys
Re: Buisness agreement
My understanding from the question is that you are placing sweat equity into the business while your partner is placing money equity into the business. Therefore, you should not be responsible for your partner's money while your partner should not be responsible for your sweat equity.
Furthermore, your partner should be repaid for the money loaned to the company (with interest) and you should receive a salary for your work.
Mike.
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