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4Seasons
11-24-2007, 12:08 AM
Hi just wondering how to go about this..I am starting up a new business a family member is taking out a loan in their name and giving it to me..I am paying the laon and interest. When they give me the money how do they do that. Do they write the check out to the business name or to my name?

RJO
11-24-2007, 10:24 AM
Assume you will sign a promisory note with the family member making you the loan. If you sign that personally would suggest they make the check out to you...My only advice is to pay back the loan as FAST as possible! I have seen family members part ways as a family based on a bad business arrangments...mostly due to not paying loans back..so pay it off as fast as you can...just my free advice:)
RJ

Steve
11-24-2007, 10:56 AM
Hi 4Seasons,

Welcome to the forum!

If it were a personal loan, I'd say have it made out to you but if it's a business loan, I'd have them make it out to the business.

How much are you borrowing and what will you be buying with it?