I own bleak credit, but my cousin have great credit and we want to purchase an established business together?
Im single going to go and get 20% of the profits, how do we travel something like doing this legitimately. My social would not be contained by any of the composition works or loan. Would we call for a legal representative to create an agreement form for us to be exact signed and dated. Also noted that 20% of the profits will belong to me. Thanks
Answers:
You could form a partnership or corporation to buy the business. Buying next to someone else is a chief risk since he will be 80% owner you might expect him to do 80% of the work but he might reflect on you should do 50%.
Why does he want you as a partner if he have to seize the loans? You are risking your down costs if you aren't on the paperwork but he is risking his assets close to his home. Are you single paying 20% of the down transmittal?
You hold doomed to failure credit BUT you hold ample money to buy into an established business?
Specially when doing business w/family you better take an agreement. In decree to qualify for financing you should spawn yourelf smaller quantity than 20% owner, if not they will enjoy to consider your financial picture. You may want to make a note of that you will also be responsible for 1/2 of adjectives liability. Think this through and do the math. Don't tolerate your go before receive so big because of your 20% profits (which you haven't made yet) that you form imprudent decision. By the method, if it is a contemporary business you will requirement some change down..yup you hear correctly...You own be learned. Good luck
You should foot bad adjectives your debt and establish credit AND substantial money previously buying into a business.
gat an attorney
I'm sure you can bring back your cousin to co-sign. Get a honest attorney too though.
I would NEVER do business beside a line bough.
that's of late my direction.
carry a advocate too.
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Answers:
You could form a partnership or corporation to buy the business. Buying next to someone else is a chief risk since he will be 80% owner you might expect him to do 80% of the work but he might reflect on you should do 50%.
Why does he want you as a partner if he have to seize the loans? You are risking your down costs if you aren't on the paperwork but he is risking his assets close to his home. Are you single paying 20% of the down transmittal?
You hold doomed to failure credit BUT you hold ample money to buy into an established business?
Specially when doing business w/family you better take an agreement. In decree to qualify for financing you should spawn yourelf smaller quantity than 20% owner, if not they will enjoy to consider your financial picture. You may want to make a note of that you will also be responsible for 1/2 of adjectives liability. Think this through and do the math. Don't tolerate your go before receive so big because of your 20% profits (which you haven't made yet) that you form imprudent decision. By the method, if it is a contemporary business you will requirement some change down..yup you hear correctly...You own be learned. Good luck
You should foot bad adjectives your debt and establish credit AND substantial money previously buying into a business.
gat an attorney
I'm sure you can bring back your cousin to co-sign. Get a honest attorney too though.
I would NEVER do business beside a line bough.
that's of late my direction.
carry a advocate too.