I'm about to launch my web based business, and several friends/relatives offered to invest small amounts of money(5-10k) for a few percentages (1-5%) of my company. It's a side business for me as I'm full-time employed, and I can easily bootstrap it. The website hasn't launched yet, so I have 0 traction. Although I can use the money for various purposes (mostly for marketing), I don't really need it, and it brings more legal complications to the table. These people are not the in the position to mentor me, so the money is the only value.
I'm leaning towards declining their offers. Am I missing something here?