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Re:convert a loan to ownership (1 viewing) (1) Guest

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TOPIC: Re:convert a loan to ownership

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#3811

GHYDO (Visitor)

convert a loan to ownership 3 Years, 1 Month ago
I started a restaurant last November and i received a loan from a friend for $40,000. Now that my business is open my friend wants me to give him ownership in the restaurant. Can someone tell me how to go about converting an initial loan to actual ownership in my company.

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#3869

Jacob (User)

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Posts: 101

Re:convert a loan to ownership 3 Years, 1 Month ago	Karma: 2
create an operating agreement signed by you and your partner stating that you are converting the promissory note to equity in the company. Make sure that you also create a discharge of the note.

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