Help on documentation.?

Question

i do some small scale financing. i loan people money and they pay me back with interest after a month or two. but i want to start having official records of everything. what papers do i need to prepare? what sentences should i put? i have no idea how to go around with the documentation, literally. i've decided to start having official records so that i may have a legal claim just in case some are not able to pay. do i need to have everything notarized? please help. thanks in advance.

Answer 1

actually, a signed promissary IOU would be sufficient. As long as the interest rate is included and the amount loaned is in the IOU, you should be protected--and good idea to plan ahead in case someone doesn't pay. Small claims court is a good way to settle any future disputes, and your case would be quite strong if you have a signed IOU--just make sure you aren't charging a real high interest rate--10% is about tops the court will enforce. Good luck!

Answer 2

tri kinkos...em hav standard forms for a lotta biz & lawyer stuff.