i need a loan and have no credit history and no proof of earnings

holly*_2

i have been working in the family buisness since aged 11 and have always earned under the ammount needed to pay tax. now fully qualified my hours have been upped and since april i have been paying tax..none of my wages goes in the bank at the moment...as i still live at home i have no outgoings. my mother (and boss) is currently looking at opening a 2nd buisness and i would love to become a partner, but with no proof of earnings is this just impossible...i have no idea?

lalli_pickle

Do you not get wage slips?

Tixy

There is nothing to stop you being a partner in the business, but if your mother wants you to buy in to the business and you need a loan for that you may find that difficult. How much have you been earning since April? Do you have any savings?

Have you and your mother considered setting up the business as a limited company, then if you need a loan to start up the business you could try to get it through the company (although a bank would want to see a viable business plan & projections) and may still require a personal guarantee from one of the director/shareholders, presumably in this case your mother.

Personally I would request that your wages from your current job are paid into the bank in future.

lalli_pickle

Also is it not possible for your mother to lend you money to become a partner? In accountants firms it is usual for the existing partners to lend money to new partners to purchase a share of the business.