Hello everyone. I'm located in Columbus Ohio.
I've been considering a financing business for over a year now. It would take the form of a sole proprietorship and allow people to finance electronics and miscellaneous tools/equipment. I've hit a snag on the legal aspect of things however. To be as clear as possible I'll just give an example. Assume I get a customer who wants a game console that is $300. I would charge $50 for the fee of actually doing it for them, and the total of $350 (not including taxes) would be due in say, 5 months. My question is how much can I actually charge for financing things for people? And what type of legal documents should I use to enforce such an agreement? I believe a promissory note works for small loans but again, I have no idea if the same would work for a business like I'm wanting. And I definitely don't want to overstep any limits legally.
I sincerely appreciate your help, thanks everyone. =]
I've been considering a financing business for over a year now. It would take the form of a sole proprietorship and allow people to finance electronics and miscellaneous tools/equipment. I've hit a snag on the legal aspect of things however. To be as clear as possible I'll just give an example. Assume I get a customer who wants a game console that is $300. I would charge $50 for the fee of actually doing it for them, and the total of $350 (not including taxes) would be due in say, 5 months. My question is how much can I actually charge for financing things for people? And what type of legal documents should I use to enforce such an agreement? I believe a promissory note works for small loans but again, I have no idea if the same would work for a business like I'm wanting. And I definitely don't want to overstep any limits legally.
I sincerely appreciate your help, thanks everyone. =]
