New answers tagged loan
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Almost all entrepreneurs and inventors overvalue their interest in whatever they create. The truth is, you can have the greatest idea in the world, but if you don't have capital, or access to market, and you need partners who can give you these things, be ready to part with a big chunk of your business. In this case, your husband gave you $1500 in seed ...
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If the business has the cash to pay back the loan then do so.
If the business needs cash to pay off the loan or for operations after paying the debt, then you should loan the business the required cash. Just be sure to write an agreement between you and the company for repayment, and track the amount you put in as a loan (liability) not capital. You ...
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Short answer: You need a lawyer.
Long answer:
In general, everything you do that is in agreement with ex-co-founder (and all other shareholders, if any) will be ok,
BUT
In case someone changes his/her mind later you could be in trouble unless everything is covered in a contract or other proper legal documents
If you can't reach an agreement you'll need ...
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You need to think beyond the current transaction to all transactions to ensure that whatever you do doesn't require a new round to meet you future obligations.
Perhaps you can offer a smaller amount to the ex now, but explain the company will likely fold if I give the full amount. Put that in writing.
If he tries to sue, he will look very bad if he was ...
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I think the only way you can do that is to give a loan to your company in form of convertible debt, so it eighter pays it back, or gives shares based on the next investment round's valuation. But you cannot make up a valuation and give yourself shares based on that. I think that would be illegal, EVEN IF you have agreed, that the majority shareholder can do ...
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Do you have an LLC or a corporation? Is your entity a Delaware entity or a non-Delaware one?
If you have a corporation, please note that IN GENERAL minority equityholders' rights are more strongly enshrined in law; if you have an LLC, minority equityholders' rights are at least in Delaware just what your operating agreement says they are. So in short: if ...
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If your husband were an unaffiliated third party, I would just suggest paying your husband back the $1500, either directly or by your loaning $1500 to the business (if there is an entity that you've set up) and having the business pay him back, and having your husband sign a release agreeing that he has no interests in the business since he's been paid back ...
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You owe your husband far more than the $1500...
because you did not research Invent Tech before entrusting them with your husband's $1500:
http://www.bpmlegal.com/pinvmktg.html
http://www.pantagraph.com/news/man-sues-company-over-light-up-fishing-pole/article_7f87f8dc-847b-56b4-8072-516539ef822e.html
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