selling half my business

[dannie]

my restaurant is in nassau county new york.i dont own the land but am trying to buy it. i paid off 85% of the buisness already problem is in the 5 yrs i had restaurant i let my personal credit go down hill because i was always trying to keep rest. going. i put all my savings into bus.it is profitable but overhead is to high so if i buy land mortgage would allow me to save thousands a month.problem is my credit is shot .friend of mine wants to buy half & get loan under him (bus.& land) buying my corp.starting a new one & me putting my $ back into it to keep half. our broker said then in 2 yrs. put my name on as half owner? in mean time have contracts made up stating we eqally own land & bus. is it possable after 2yrs. i can have my name added to? how do i protect myself? my rest. is my life i put so much into it & love it it was my fault for not paying attention to my personal credit.i've been struggling with high overhead & debt is getting up there .i'm so close & dont want to let go .i was told i wouldn't get a loan cause my credit how do i protect myself? any advice is great. thank you

 

[loku]

That would mean misrepresenting the ownership to the mortgage lender.

Perhaps a better way would be for your friend to purchase the land in his own name, then contribute it to the business (subject to the mortgage) in exchange for half of the business. He would remain obligated to pay the mortgage on the land.