I 52m Bought a company with a friend in june My credit was bad at the time and i couldn’t get any financing. We both got financing through a local bank in the amount of 165k with his house on the line. The company is doing fine and we are starting to turn a profit. My friend has a gambling problem and has taken cash from the company with out letting me and keeps telling me he’s a worker. I need to buy him out and need about a 200k loan. 165k for the loan 20k in cc debt The rest will be kept in the account as a reserve for any miscellaneous expenses. I don’t think i would really have to buy him out as the company isn’t really worth anything. ight now I have a 620 credit score fico experian. I have 1 auto loan that i am on with my gf 43k. I am an authorized user on my gfs credit card which has a balance of 12k(plan to pay down soon) 2 of my own cap1 cards with about 1,300 owed can be paid off easily. Can anyone help recommend business financing??

  • Banksville@alien.topBEnglish
    1·
    1 year ago

    I have 4 co-owners in a small retail cre strip. They r senior citizens (70-80), I’m 63 & majority owner. We have a PM (OY!) & my job is to plan the future, oversee the PM, asset managing, etc. I’m the person WHO DOES ALL THE WORK. Recently, the co-owners went outta their way to send me an email that said I was “uncommunicative, unfriendly, controlling, running the biz into the ground, etc.” This is petty bullpoop. I’m always very busy, don’t get help… so yeah, I’m sure I get a bit ‘short w/owners who are in passive role. Like OP, I don’t get that ppl r in biz & it seems they have no clue how biz, corporations are run & structured. They don’t do work & then r critical. If I wasn’t here, they’d have lost this investment, LITERALLY. In essence, I’m their superior. I try to explain this to no avail. thnx for letting rant. People!? Work when you’re at work!

  • CurveAdministrative3@alien.topBEnglish
    1·
    1 year ago

    How do you record “took money from company for gambling” in your accounting software when you reconcile the bank statement at the end of the month?