Legal

Ask a lawyer and get answers to your legal questions

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

I am loaning $60,000 to a friend for his business, I would…

I am loaning $60,000...

I am loaning $60,000 to a friend for his business, I would just like to have someone look the paperwork over to make sure nothing is left out protection wise. Not looking for free, just the least expensive way to do it.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

I'm retired, living full time in RV mostly in Fla right now. I have a homestead address in Texas, that also has access to a Bushnell Fla address(for drivers license and such). He live in Fla, but business is in Fox Lake, Ill.

Lawyer's Assistant: What steps have you taken so far?

Drawn up paperwork

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Cant thaink of any

Show More
Show Less
Ask Your Own Legal Question
Answered in 7 minutes by:
3/26/2018
Law Educator, Esq.
Category: Legal
Satisfied Customers: 125,925
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

What would you like us to review?

Ask Your Own Legal Question
Customer reply replied 3 months ago
This paperwork:

Thank you for your reply.

The agreement is basically a boilerplate promissory note, which is fine.

A couple of things I would suggest.

  1. Put in a payment schedule as Appendix A to the Note. State in Payment section that payments will be made (just as you have it written) and that a schedule of payment dates is attached as Appendix A to the note. This way there is no confusion as to the actual payment dates.
  2. Security, you need to insert that the borrower will also allow a UCC 1 to be filed against any and all contents of the business. You can get the UCC-1 Form at the IL Secretary of State website: http://www.cyberdriveillinois.com/publications/business_services/ucc.html. You file this in IL because that is where the business is.
  3. Last, the choice of law being Florida is good, but since you are living in FL, you also need to state in the Choice of Law, that Jurisdiction will be a court of proper jurisdiction within the State of Florida .

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Ask Your Own Legal Question
Customer reply replied 3 months ago
Thank you.And yes I will definitely leave a 5 star comment!

Thank you very much.

Law Educator, Esq.
Category: Legal
Satisfied Customers: 125,925
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
Verified
Law Educator, Esq. and 87 other Legal Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 125,925
125,925 Satisfied Customers
Experience: JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Law Educator, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Ely

Ely

Counselor at Law

24,657 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

22,408 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

125,925 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo Senmartin

Guillermo Senmartin

Lawyer

300 satisfied customers

Principal Attorney at Guillermo J. Senmartin, P.A.

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

17,183 satisfied customers

Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.

< Previous | Next >

Related Legal Questions
I have read in several forum that people opt to use a
I have read in several forum that people opt to use a relative or friend US address as theirs physical address while are traveling for long period.I would like to sell everything and take a long trip.… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
125,925 satisfied customers
A civil lawsuit was filed against us. As a result, we lost
A civil lawsuit was filed against us. As a result, we lost our place of business. Can they take our home and vehicle too? … read more
Ray
Ray
Lawyer
Doctoral Degree
33,378 satisfied customers
I am in the process of a loss suit by a credit card co. what
I am in the process of a loss suit by a credit card co. what is my power in texas … read more
Ray
Ray
Lawyer
Doctoral Degree
33,378 satisfied customers
What is it like to live in unincoporated Austin TX? I mean
What is it like to live in unincoporated Austin TX? I mean the pockets of hill country that are not part of a township. Do residents have access to city utilities and sewer or are they dependent on se… read more
Ray
Ray
Lawyer
Doctoral Degree
33,378 satisfied customers
,I am considering a deed in lieu of foreclosure.at present
Hi,I am considering a deed in lieu of foreclosure.at present my home (rented out)is underwater by $40,000.i owe 127,700.valuation is 80000 approx....I own a condo in Fla. ,presently reside in New York… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
A few questions dealing with Texas law regarding Civil Law,
A few questions dealing with Texas law regarding Civil Law, Judgements and Property Code and Insurance Code. My father has been served with papers for a civil case involving a credit card account ( $1… read more
Ray
Ray
Lawyer
Doctoral Degree
33,378 satisfied customers
I have 2012 fifth wheel RV that I owe about 20k more than I
I have 2012 fifth wheel RV that I owe about 20k more than I cam sell it for to a dealer and I am not getting any looks from personal buyers. I don't even have a truck to pull this with anymore. I have… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I have a rental property that was formerly my residence in
I have a rental property that was formerly my residence in South Carolina that was sold at county auction last month for $125,000 less than I owed on it. The buyer was an undisclosed third-party buyer… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
My ex-girlfriend has filed stalkers report on me. We went to
My ex-girlfriend has filed stalkers report on me. We went to court this week and I asked the judge for a extension since I was served two days before the hearing. She sates her neighbors and friends. … read more
lwpat
lwpat
Doctoral Degree
256 satisfied customers
We bought a smaller house to downsize costs & because of my
We bought a smaller house to downsize costs & because of my health (declining) and had been advised our larger home was going to be non-renewed on insurance because of its location in sinkhole area. W… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
im being sued by a bank over a loan i live in texas the bank
im being sued by a bank over a loan i live in texas the bank is in texas how bad can this get for me what should i look for in a lawyer to rep. me… read more
John Legal
John Legal
Doctoral Degree
3,418 satisfied customers
Have an RV loan and am upside down. Can no longer dive the
Have an RV loan and am upside down. Can no longer dive the RV and want to voluntarily surrender. Registered in Texas, we are over 65 and have pension and SS. Can the bank attache our income or my wife… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
i received this writ last Fri. this is from a debt that my
i received this writ last Fri. this is from a debt that my ex.wife made when we were getting a divorce 15 years ago. this was a credit card on her bank that also had my name on it. i have not received… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
My questions are for a Texas lawyer. My husband is divorcing
My questions are for a Texas lawyer. My husband is divorcing me. We were living full time in our Airstream Trailer as full-time RVers in several states. We are legal residents of Polk County, Texas (s… read more
Ely
Ely
Counselor at Law
Juris Doctor
24,657 satisfied customers
My house was forclosed on 04/2009. It was financed with an
My house was forclosed on 04/2009. It was financed with an 80/15 loan. The lender for the second loan is preparing to sue me for the full amount wich wasn't paid with the foreclosure proceeds. I don't… read more
Ray
Ray
Lawyer
Doctoral Degree
33,378 satisfied customers
I voluntarily defaulted on a loan for an RV after my husband
I voluntarily defaulted on a loan for an RV after my husband died. The creditor auctioned the RV and says I still owe almost $10,000. I have written them and told them if I could afford to keep it, I … read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
from TEXAS, I need to know what to do about a citation received
from TEXAS, I need to know what to do about a citation received for a credit card debt in default for about 13k?… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
I LIVE IN THE DALLAS TEXAS AREA AND I WAS WOUNDERING WHAT THE
I LIVE IN THE DALLAS TEXAS AREA AND I WAS WOUNDERING WHAT THE LAWS WERE IF I WAS TO LET MY MOBILE HOME GET REPOED. I CANT AFFORD IT ANY LONGER . WHAT CAN THE LIEN HOLDER DO? CAN THEY SUE ME ,PUT LEINS… read more
Ellen
Ellen
Lawyer, Consultant
Doctoral Degree
8,238 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x