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??
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?