Borrowing Money From Family
Getting cash from Aunt Pearl doesn’t have to create a family feud.
Borrowing money from family members can be a great way to getstartup capital quickly and easily-but you need to do itright. Remember, you’re dealing with family, and, as such,there’s the potential for misunderstandings and volatileemotions. Practice damage control by fully documenting interestrates, terms and other details for loans and equityinvestments…before you get yourselves tangled up in alawsuit.
Borrowing money from family members can be a great way to getstartup capital quickly and easily-but you need to do itright. Remember, you’re dealing with family, and, as such,there’s the potential for misunderstandings and volatileemotions. Practice damage control by fully documenting interestrates, terms and other details for loans and equityinvestments…before you get yourselves tangled up in alawsuit.
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