Shareholder took a term loan.
My private limited company got Rs. 50 L loan from 3 persons of sample family. My product also being sold to the lender. But the lender has not given anything in writing to us about why they have given us money nor we have given anything in writing. There was no term decided for repayment of money. When we ask lender to do paper work they don't do it. So what is option for me to make paper work stronger so that my company should not be in unnecessary trouble?
There must be a proper agreement contract/agreement for taking loan and its repayment. For validity of a contract there must be an offer, acceptance and a consideration or amount. For preparation of an agreement you may sent a notice with registered a/d to the lender, stating the facts for protecting yourself from any untoward issues in future.
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