5 PARTNERS - ADDITIONAL CAPITAL NEEDED

[taipan]

Sorry - revised # of shares issued to 2 million. WE HAVE 5 EQUAL PARTNERS IN OUR BUSINESS. WE EACH PUT IN $6,000. WE ISSUED 2,000,000 SHARES. WE RAISED $200,000 FROM OUTSIDE INVESTORS AT $.10/SHARE. OUR BUSINESS HAS ONLY $10,000 LEFT AND WE OWE $100,000 TO CREDITORS. MORE MONEY IS NEEDED IMMEDIATELY (AT LEASE $60,000 TO PAY BILLS. EACH PARTNER WAS ASKED TO PUT IN $12,000 EACH BUT ONE PARTNER DOES NOT HAVE THE MONEY. WE WANT TO STAY EQUAL SO HOW CAN THAT WORK OUT. CAN THERE BE A SPECIAL LOAN ACCOUNT? PLEASE HELP ASAP.
THANK YOU

 

[AJK2nd]

Any money put into the business by the "partners" can be evidenced by a note from the business and the partners that put the money in will then be creditors of the business and have first claim before shareholders and partners. (Normally you do not have both partners and shareholders, partners are in a partnership and shareholders are in a corporation or LLC)