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Unsecured Promissory Note:
Financing Your Business with Loans from Insiders
Benefits: The attached
file contains a sample unsecured promissory note that can be
customized to document a loan to you from a family member,
friend, or other private party. The form is designed to help
prove that you have established a formal debtor/creditor
relationship and that the exchange of money is a loan, not a
gift. Executing a promissory note and adhering to its terms will
help reduce the risks from gift tax issues, conflicts of
interest and mismanagement claims, and personal
misunderstandings between insiders and entrepreneurs.
Keep in mind that this form is a starting point, not a finished
product. You'll want to customize it to make sure that the
agreement reflects the understanding between your business and
the lender.
File Description: The file
contains a two-page document in rich text format (RTF) that is
suitable for use with most word processing programs used in the
Windows environment.
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 Download
Now:
Unsecured promissory
note |
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| Special Features: The
concise sample promissory note covers:
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proper identification of
the parties |
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basic repayment terms —
interest, payment dates, place of payment, etc. |
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optional default and
confession of judgement provisions |
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repayment ledger
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| As with all contracts and legal documents, it's always a
good idea to consult a local lawyer or the laws of the state
regarding limitations or requirements affecting promissory notes
(most notably the default and confession of judgment options). |
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