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Just some general advice please.


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A friend and I have a plan to start our own business. We have really looked into it and done a business plan which the bank are happy with and I think it could turn out to be a great help to our household income and therefore help us get out of debt. Now the question, to start the business we need to borrow money. Due to my circumstances my friend is happy to take the loan in her name. The loan will be payable over 10 years so that the payments are manageable from the business. As I will be responsible for half of it we make this a 'legal' commitment. Basically we want something written from me to her promising that I will pay half the loan and not just pull out and leave her to it. (which I would never do)

The question is, do we need a solicitor to draw up a letter, or, could we do it ourselves and then just ask a solicitor to witness the signing?

Thanks

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My advice would be to see a solicitor about the whole partnership thing, never mind just the loan.

 

All is fine now, but if you fall out and cannot agree, it is then too late to try and have a cast-iron contract for the partnership - it protects both of you.

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Princes trust has age limits.Also the government have a small business loan scheme which might help regarding interest payments.

There should also be someone in local council to support new business, and they may be able to access sources of funding and training

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Business Links are v good also your local Chambers of Commerce are a good source of help & support. You could try calling CLS ( Community Legal Service ) Direct on 0845 345 4345 to track down reputable solicitors ( ask them to find ones who will give a free initial consultation ).

 

Above all, best of luck! :)

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