How do I get my LLC off the ground and out of debt without using my personal money?

I had a business partner who ran up a lot of debt on a credit card and im trying to save the company but i%26#039;m hesitant to spend my own money, and there aren%26#039;t a lot of alternatives for an entertainment company.

How do I get my LLC off the ground and out of debt without using my personal money?

If you don%26#039;t already have one, put together a solid business plan that shows how the company is going to be successful and when it will be turning a profit. Make sure your business plan covers who your customers will be, how you will get them, how much it%26#039;s going to cost to run the business, how much you plan to make, who your competitors are, and how you are different or better than the competition.

Once you have a solid business plan, put together no more than 3 or 4 slides that show what your company is doing and why it is a great investment. Then go out and find investors.

I%26#039;m not sure what kind of %26quot;entertainment%26quot; company it is, but perhaps you could start by calling local television stations, radio stations, party companies, or whatever is most appropriate. While those companies themselves may not want to be investors, there may be people that work there who understand the business and would be willing to invest in you or they could point you to other potential investors.

There may also be VC (venture capital) folks who would be willing to invest.

You could also approach friends and family, although I would recommend against it. Money always seems to be a good way to ruin personal relationships. If you do approach them though, it would be a very good idea to keep it as professional as possible--get a contract and everything else you would as if you were dealing with a non-relative investor.

Another option is to find a company that does something similar to you but which you can do better or more efficiently and see about starting a joint-venture, or about jointly approaching customers. They may not give you money to pay off your debt, but they have the possibility to introduce you to a lot of potential customers and business that could provide enough cash flow to get you going.

How do I get my LLC off the ground and out of debt without using my personal money?

First, off all you need to find out if the credit card debt incurred by your business partner required him or her to sign a personal guarantee. Most likely, it did. A personal guarantee means the person is responsible for the debt if the LLC is unable to pay. Next, you need to consult with the business lawyer. If you where unaware of some of the purchases made you may have some recourse againist your business partner. If you are going to use your personal money for anything it better be an attorney. I am not talking about suing or bankruptcy necessarily but you need to know what debt the business is responsible for, what debt you are responsible for, and what debt your former business partner is responsible for. Also an attorney can help you possibly negotiate those debts lower. Take all financial statements with you to the consultation and any contracts you and/or they have signed.

How do I get my LLC off the ground and out of debt without using my personal money?

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