Whether it is to set up a small business or tide through a financial emergency at home or work, people often turn to their loved ones for financial help. But what if your friend Joe refuses to return the $5,000 you lent to him several months ago? Or, what if your uncle lent you some money to set up a business but now claims it to be an investment that gives them a stake in your business?
To avoid such situations and prevent money issues from turning a relationship sour, it’s generally a good idea to write a promissory note that spells out the terms of the loan between two parties