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And that would not depend on the amount of money borrowed? True.
Also, I am the managing partner and was told I need not inform a small stockholder of the incident? True?
Nate, if in a deposition in another legal matter involving my business, I'm asked about "secrets" in the business, am I bound to tell of the above incident that was no crime and successfully dealt with in house by a loan + interest? I'm assuming if there's no harm and no foul there's no secret to hide?
I have a confidentiality clause the members of the business I bought out signed. I bought them out in 2009. They are trying to make me reveal "secrets" which would be prohibited by the confidentiality clause. Since I stated there were no secrets in my deposition [having told my sister of the incident while she was a shareholder] and having dealt with the matter successfully as a common business loan, wouldn't you say there was no reason to say there were secrets?