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Business
Reliable business loan and development information.
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US $49.95
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US $14.95
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Unsecured business equity loan with no real estate transaction involved?
Can I legally sell my business equity and can I be sued?
I bought into a start up company for 5 % for $10k. I had a verbal agreement that I would help out with business stuff like getting business cards, advertising, setting up a website, bookkeeping, etc. Because of personal reasons I had to back out. I offered to sell my 5 % back for the price I bought it for, even though the owner believes it has gone up in value by 50 %. He refused. Instead he offered to reduce my equity to 2.5 % or pay me $10,020 within 6 months. I counter offered with 5 % for $10,000 by Jan 1st and after that it will go up $1,000 month up to the stated valuation of $15,000. I haven't signed any buy sell agreement, nor have I signed an NDA. However he threatens to sue me for backing out and the " money I'm costing him" because he had to give someone else an extra 2.5 % to do what I had verbally agreed to do. Let me also state that I did do a lot for him. I got all the business paperwork set up including the EIN, LLC, accounting on Quickbooks, I also bought domain names and hosting for the company. To sum it up, is there anything I can do to get my $10,000 back? Can he stop me from selling my equity? Thank you for your time.My contract doesn't say anything except that I bought 5 % equity for $10,000. We had a verbal agreement that I would do pretty much everything in the company.
If i get business equity line of credit, will it show my name in credit report or my business name?
I bought my second home cash using the equity line from my first house.Then I opened equity line on my second home and bought third home using that money. I bought my fourth home using the same formula. Now my fourth home is free and clear and I think the bank may be reluctant to open equity line of credit on my free and clear home, as my credit report will show too much loan. If I make LLC for the fourth home and get business line of credit, I know I will be the grantor, will my name show on the credit report. Will it be easier way to open line of credit?
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