₦airaland Forum

PLS I NEED URGENT BUSINESS ADVICE

Hello house.Pls I need ur advise on dis issue;
I asked someone to lend me some money to start up a business to bk on instalment for some months with interest,he agreed.buh after seeing how profitable d business is,he said he will give me d capital needed to start up d business but it will b registered under him n i will work for him n b paid 40% of d returns monthly,n as d business progress I will hav an official car n house.he said his Secretary will draft out d deal/proposal n send to me.buh now d only tin he is talking about is sending me d money for setting up d business n nothing more.N I haven't received any documents as he said earlier.Am confused.Pls wot do i do.

PLS WOT DO U THINK.TNKS AS I AWAIT UR REPLY

May be you can call & find out whats up from him, please what kind of business is this, i am interested in this your profitable business o, i dont mind being a partner..... please buzz me

Juliet25:
PLS I NEED URGENT BUSINESS ADVICE

Hello house.Pls I need ur advise on dis issue;
I asked someone to lend me some money to start up a business to bk on instalment for some months with interest,he agreed.buh after seeing how profitable d business is,he said he will give me d capital needed to start up d business but it will b registered under him n i will work for him n b paid 40% of d returns monthly,n as d business progress I will hav an official car n house.he said his Secretary will draft out d deal/proposal n send to me.buh now d only tin he is talking about is sending me d money for setting up d business n nothing more.N I haven't received any documents as he said earlier.Am confused.Pls wot do i do.

PLS WOT DO U THINK.TNKS AS I AWAIT UR REPLY

Juliet25:
PLS I NEED URGENT BUSINESS ADVICE

Hello house.Pls I need ur advise on dis issue;
I asked someone to lend me some money to start up a business to bk on instalment for some months with interest,he agreed.buh after seeing how profitable d business is,he said he will give me d capital needed to start up d business but it will b registered under him n i will work for him n b paid 40% of d returns monthly,n as d business progress I will hav an official car n house.he said his Secretary will draft out d deal/proposal n send to me.buh now d only tin he is talking about is sending me d money for setting up d business n nothing more.N I haven't received any documents as he said earlier.Am confused.Pls wot do i do.

PLS WOT DO U THINK.TNKS AS I AWAIT UR REPLY

You're dealing with a "gentleman" in appearance but crook inwardly.

You may end up being at the losing end if care is not taken. How on earth can you register your business idea in another man's name because he'll be the one to finance it If there'll be any registration, then it MUST be in the name of the 2 of you, backed up with a written legal agreement, stating the terms and division of returns on investment. Telling you he'll give you an official car and house MAY not work at the long run. You may end up being used and dumped. If I may ask, how much is this capital we're talking about??

if he can't lend you just move on, chances arethat he has already stolen the idea from u.

Whatever business idea is it, chances are that if you pull out, he will still go ahead with it. What the both of you need now is communication and a lawyer. Also, try as much as possible to make your own percentage 50%. That way, everybody go without feeling cheated. You're putting your idea and strength, he's putting his finance. Let it be a win:win situation.

40% is also good nevertheless. Sourcing for finance isn't easy, take hold of this opportunity.

Wishing you the best.

Tnk u all for ur response I appreciate

Stick to him... for now.

Most especially now that you still need his finance.

But make sure you keep your eyes open on better ways and/or opportunities to innovate and/or expand the business.

I don't expect this to be that difficult to you since the whole business idea was your own dream and no one can dream our dreams better than us.

At the right time, when you must have acquired enough financial muscle to pull away and stand on your own feet, you can then either:

1. Pull away and continue on your own

OR

2. Renegotiate the existing Terms & Conditions to your own favour.

He might whine and complain that you are so ungrateful but don't be afraid.

That is what all smart business people do.

It is usually the norm.

At some point you are being used; at some point you use people.

For now, make sure you insist of seeing the paper where the T & Cs are completely and clearly spelt out so that you will have a better idea of the deal you are about to cut for yourself.

Think smart; play wise.

Good luck.

That’s life, You have to start from somewhere.