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A friend is wanting to borrow $50,000 to start a new

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company. He says we...
A friend is wanting to borrow $50,000 to start a new company. He says we will receive 5% stock in the company and will be paid back in full in 90 days. What document will we need to sign to assure us he will do as he says?
Submitted: 1 year ago.Category: Legal
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Answered in 1 minute by:
7/2/2016
Lawyer: Roger, Attorney replied 1 year ago
Roger
Roger, Attorney
Category: Legal
Satisfied Customers: 31,876
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hi - my name is ***** ***** I'll be glad to assist.

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Lawyer: Roger, Attorney replied 1 year ago

You'll need a promissory note signed by your friend that wants to borrow the money....and the document will provide the terms of repayment, and the security interest you have in the property.

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Lawyer: Roger, Attorney replied 1 year ago

Also, your friend will need to issue stock certificates for the interest in the company.

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Lawyer: Roger, Attorney replied 1 year ago

Please let me know if you have any additional questions. Also, please take time to positively rate our conversation so I may receive credit for assisting. Thanks again!

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