What are my legal rights if I have lent my boyfriend a great deal of money, and he breaks off the relationship
not an issue at this time but the thousand dollar loan kind of concerns me. He said I will partly own his company til I am paid back but no contract. Would I have any rights if our relationship dissolved?
Answer:
Unless you have something in writing, even the word LOAN on the memo line of the check, you have no proof that it wasnt a gift.
you have the right to get your "loan" back.
You need to get it in writing.
No rights at all.
well if it's understood that it's a loan and not a gift. something in writing is definitely the way to go if you're giving out thousand dollar loans.
it's called small claims court [good luck]
The problem here is, he said..she said. If he says you have a stake in his company get it in writing in the form of a contract. If you two ever breakup, you will need to prove he owed you the money. He can simply say it was a gift.
Make him sign an IOU!
As you were told, without a written contract to the effect that your monies were converted to a loan in exchange for equity in the company and its assets, you just gave boyfriend a gift.
Your word against his? Canceled check? I hope you'll part friends, but even then I'd be concerned. I suspect you'll have no legal ground if it's your word against his.
Well it depends if you had him sign a promissary note to pay back the loan. If he didn't then you can still take him to small claims court, but will probably not be able to recover the full amount of money you loaned him.
Get it in writing.
You have the right to get paid the money that you loaned him - plus interest. If you get it in writing, then if something does happen, you will have a signed contract stating what was arranged.
Got a contract, got proof that you "loaned" him money and that it wasn't "gifted" to him? If the answer is no, you have no "legal" rights, sorry about that.
If he claims the money was a gift or an investment in the company and not a loan then you will have to convince a judge otherwise. You say it's not an issue at this time. If that's so, then go down to an office supply store and buy a promissory note. Fill in the appropriate blanks and have him sign it. If he refuses, then it is indeed an issue at this time.
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