Relist: Inaccurate answer. i borrowed from a friend 60,000 i told her i am trying to get into a business franchise
and i was needing that required amount. she only gave me the money under the following circumstances which we sign a contract
she created which was notarized at a local bank -she would be payed 1000 dollars every month from the business until the business is sold or bankrupt. -the 60,000 would be charged 15 percent intrest and will be payed back in 18 months -and she has half ownership of the business, and annual profits get half of the earnings. After talking over and agreeing to the requirments of getting the money i signed the paper which i have a copy of and she gave me a check for the 60,000. all i asked was for the money, i did not want any business partnership
with the loan shark. so i still used the money and bought over the franchise but i let my half brother sign the business paperwork as president, and legally through the S corporation
my half brother established i have 95 percent shares of he business. now i just told the loan shark i gambled out the money and i wasnt able to get into business anymore, i agreed to pay her back and have been on a regular basis. i am not trying to rip her off in any way. if she gets a lawyer and trys to sue me for business profits, because i do have a business persoanlly i run everything , but legally its under my half brothers name and social, but i have shares in the corporation
. can she get any money, is my business in jeapordy?