Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
How do you deal with partners former commitments who won't keep it professional?
Partner has made some dumb moves in the past, and he admits that. About 10 years ago, he "owned" an insurance agency and was required to invest a certain amount of money. He got a bank loan for part of it, and a large amount from a former friend who offered to loan to him. This former friend is a college (25 years ago) lover, and has made advances since then also. She has never demanded repayment, just uses it as leverage to stay in contact and make personal advances from time to time. He's afraid if he cuts off contact, she will demand remaining balance in full and he is unable to do so. I want him to call an attorney, and make it a legal contract (the only contract before was a check for $10,000 and the word loan written in the memo section) and if she remains in contact then there is no leverage. How would you handle it?
Sorry, forgot to add, that business is now no longer "in business". We will definitely make the business we are involved in now together LLC and as airtight as we can get it, while making arrangements to get her paid and out no personal connection any longer
1 Answer
- thomas pLv 71 decade agoFavorite Answer
You need a partnership agreement or a LLC, limited liability corp. If the business is stable, it feels like you need cross key person life insurance policies. You can obtain a stanard form for creation of either organization. That should be done whether there was this "former friend" or not. Just between you and your partner and the Secretary of State's Office of your state of location.