christinakirch
Junior Member
What is the name of your state (only U.S. law)? New York
Here is our situation: My husband and I opened a G & D- backed finacially by our landlord. We have 2 loans with him at very low interest rates (4%? I think) for a 5 year term. They total 65,000. Besides paying him rent, the loan payments, we have the regular expense to operate the business (utilities, food, payroll, etc.). As the economy is the way it is...we are not bringing in enough to cover it all. (everything but what we owe the landlord) We have talked to him about becoming a silent partner, where he would back us financially, and then when we make a profit...he'd get a percentage. Our questions are: is this worth it? what percentage should we look at? how do we figure out the percentage? ANy advice would be helpful.
Here is our situation: My husband and I opened a G & D- backed finacially by our landlord. We have 2 loans with him at very low interest rates (4%? I think) for a 5 year term. They total 65,000. Besides paying him rent, the loan payments, we have the regular expense to operate the business (utilities, food, payroll, etc.). As the economy is the way it is...we are not bringing in enough to cover it all. (everything but what we owe the landlord) We have talked to him about becoming a silent partner, where he would back us financially, and then when we make a profit...he'd get a percentage. Our questions are: is this worth it? what percentage should we look at? how do we figure out the percentage? ANy advice would be helpful.
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