What can I provide a Company investor with as receipt for his investment in return for a future investor agmt?

Question

I have an investor in my limited company who has already handed me a cheque in return for equity.

However he hasn't signed the investor agreement yet as he wants parts changed (which I'm happy with).

what can I give him as a legal reciept that would protect his interests (as well as mine) in the meantime?

would a letter stating that the monies are in return for equity (without stating the amount of equity) according to any future investor agreement as agreed between the relevant parties suffice?

Are there any dangers in the above approach?

will this letter have to signed by me to make it binding?

would email correspondance suffice?

Answer 1

I can not believe you are making such a crucial move in your business without your Attorney and Accountant present.  You are making a very big mistake by trying to decide such things yourself.  I see an investor that is about to take over your business.  Beware, do not make a move without those professionals I mentioned above.  If you do your business education has been flawed.  I hope you change your mind.  If that investor becomes irate at you change of heart then you will know for sure he is a vulture.