Exceptional situation...any advice greatly appreciated!!

DKS_3

homer_j wrote: »

It is difficult to say. You could get a contract to say anything that you want but you may be advised its a bad idea to take responsibility for the company debt.

You need to speak to a business adviser. Try business link to see if they can make any suggestions on a solution.

I would tell your partner to be that you a personal loan is not going to happen due to credit issues. You want both of you to speak to a business adviser to look at the ways you can set up the business and if there is any other options for you?.

What is stopping your partner doing it alone and you be given say a contract that you have a time frame of 12 months from the start up to purchase a share of the company. Could you work for him and then get a loan when you have some payslips and better income?

The reason the partnership works so well is that his skills lie in engineering and he has had no experience in running a business or looking after a production in the company. Plus there are certain aspects of our company that have big growth potential which is where my expertese lie. I think i will do that though, speak to an advisor, I just had a phone conversation with a friend that looks into this sort of thing, he said maybe i should take a lower stake in the company until his re mortgage is paid back and then raise the stakes once it's clear, which in a way is similar to what you are saying.

Thanks for the advice, greatly appreciated, I will speak to him and get to an advisor