Q: I loaned $250K to my son and his friend to start an LLC in FL. They have defaulted on the loan. The friend used LLC $
The friend used LLC funds to remodel his own home. What recourse do I have of collecting on the loan?
A: Do you have proof of the loan such as a promissory note? You have the right to sue him for the money he diverted from the LLC to himself plus the rest of the loan.
Jeffrey Snyder and Bruce Alexander Minnick agree with this answer
A: If you had $250,000 to lend to your son and a friend to start a business you certainly must know by now that nothing is always the way it appears to be on the surface. Hire a very experienced Florida lawyer to investigate all the facts surrounding this unusual situation very quietly BEFORE resorting to litigation--because litigation might inadvertently injure your son too.
Jeffrey Snyder agrees with this answer
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