Setting up a deal with Partners

[James Bridges]

Can I do a side deal with a partner inside my LLC?

I don't have cash for the deal. I owe 29K on my 401K loan and they won't let me take out another until I pay that off.

Once I do I have up to 50K available immediately.

They want the security of LLC.

Suggestions?

[Erickson Sainval]

If I understand what your asking there are two ways you can do this. They can contribute to your LLC by debt. This would need to be a written note.

Or you two form a new LLC holding your negotiated interest, and you fund the new LLC.