My name is XXXXX XXXXX I'd be happy to answer your questions today.
An agreement that, by its terms, cannot be performed in one year must be in a signed writing under the Statute of Frauds. Otherwise, it's unenforceable. He will have to show that the funds were a loan and not an investment
- an investment doesn't have to be repaid. It's unsecured. Sometimes people get returns on their investments and sometimes they don't. The law doesn't protect people against making bad investments.
However, putting that aside, if you can show that the agreement was that you would repay him in two years, and that you've been making payments, he can't now demand the money back. He also can't demand a share of the partnership
or a seat on the board. Even if he could, as a minority owner, you have no ability to give it to him.
On top of all that, you didn't say what type of business it is, but you should not sign a note making yourself personally liable on an investment to the business. It is the business that got the money and the business that would repay him. Even in a partnership, where the partners remain liable for business debts, the debt would be shared among all the partners, and not shifted onto just one person.