What is a shareholder promissory note template?
A shareholder promissory note template is a legally binding document that outlines the terms and conditions of a loan from a shareholder to a company. It serves as a written promise by the shareholder to repay the loan amount within a specific timeframe, along with any accrued interest.
What are the types of shareholder promissory note templates?
There are several types of shareholder promissory note templates available, depending on the specific requirements and agreements between the shareholder and the company. Some common types include:
Convertible Promissory Note: This type of note allows the shareholder to convert the loan amount into equity in the company under certain conditions.
Secured Promissory Note: In this type, the shareholder provides collateral or assets to secure the loan.
Unsecured Promissory Note: This type does not require any collateral or assets for securing the loan.
Demand Promissory Note: This note allows the shareholder to demand repayment of the loan at any time.
Installment Promissory Note: This type allows the shareholder to repay the loan in installments over a specific period of time.
How to complete a shareholder promissory note template
Completing a shareholder promissory note template is a straightforward process. Here are the steps to follow:
01
Enter the names and contact information of both the shareholder and the company.
02
Specify the loan amount and the terms of repayment, including the interest rate and payment schedule.
03
Include any additional provisions or conditions that both parties agree upon.
04
Review the completed promissory note template for accuracy and make any necessary revisions.
05
Sign the document and have it signed by both the shareholder and a representative of the company.
06
Keep a copy of the completed promissory note for record-keeping purposes.
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