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    1 Reply Latest reply on Mar 18, 2012 7:46 PM by LUCKIEST

    Is it legal to partner after receiving a bank loan on a start up business?

    ljmillion Wayfarer

      Hello Everyone,

       

      I am in the middle of starting up a business and just about have the bank loan all taken care of. I was approached about a partnership by two individuals. I'm not wanting to get them involved with the bank just because I don't want to go through the entire process again but they do have some good to bring to the table. After receiving the loan, is it legal for me to trade services/product for shares? My last question is, the bank only finances a % of the start up, so I had to go to family and friends and have some money "gifted" in order to make this happen. Well, if I take on these two partners, I won't need the gifted money. How would I go about writing the checks back to the individuals without throwing red flags? Also, if any of this is illegal, please let me know. I was approaced with this and am not really sure on what to do. Thanks for all the help.