[ascjim]

My business partner has decided to sell up to me for personal reasons.

This will work out great for me but im also disappointed but poop happens.

So he wants x amount, but i don't have all the cash.

The question is, will i need to get a business loan from our account or would a personal loan be ok?

What are the pros and cons?

Any help you be great.

[GDwindowcleaning]

It really doesnt matter where the money comes from, do you have a partnership agreement in place?

Could you not work out a deal where you give him a lump sum then pay off the rest over time?

[Sean Dyer]

If he is giving up the ball is in your court , give him what you can afford if he doesnt go for it all he can do is leave the work to you to carry on cleaning  as its part of your business already

the way i see it he is gonna be lucky to get anything so he needs to compromise if you dont have the cash right now

[GDwindowcleaning]

If they are partners then he has to be fair, thats why asked about the partnership agreement....

[George P]

ifn hes selling his half of a partnership and james doesnt want or cant get funds in time he could sell to someone else, may not be ideal but it is his choice, best way, sort out agreed price and make arrangements to pay as soon as poss

[rscleaningservices]

well James if you cant work that out id give it up !!!!!!!!!!!!!!!!!& maybe become a carpet fitter what do you think Bones !!!!

[rosskesava]

It don't make a scrap of difference where the money comes from. It could come from your Aunt Nellly or who ever.

What a strange question? 

[CraigBlues]

It's a fair question, just someone trying o get some advice. I thought that's what this forum was about?

[Denise l]

I think you need to raise the cash personally and then introduce it to the company accounts as a personal loan. Pay your partner out of the company and then the company owes you the loan back. Otherwise speak to your bank manager and he will advise you or your accountant.

Denise

[Helen]

I think you need to raise the cash personally and then introduce it to the company accounts as a personal loan. Pay your partner out of the company and then the company owes you the loan back. Otherwise speak to your bank manager and he will advise you or your accountant.

Denise

Denise, can't you sleep??

[ascjim]

Thanks For the info guys.

Looks like i will go with a personal loan, it will be so much easier to add more money to me existing loan then to get a business loan.

[Crystal-clear]

James ,

worse thing you can do is get a loan puts pressure on you.

simply offer him these options.

1) pay him monthly
2) split work up then he can sell it by himself.


getting in debt is a bad idea m8t.