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Eliminating business partner's risk

    • 8 posts
    January 11, 2014 8:40 AM EST

    I am at the point that most startups hit at one point or another... 

     

    My Apartment Marketing company has generated a lot of business in the last month, but there is no way to get it all done without any help... A large majority of the revenue I have generated will not be in the bank for another month or two, but I need to hire help now.

     

    My business partner has a ridiculous credit score (Something like 849) and has 7-figures of net-worth. I have recently trashed my 730 credit score because I allowed bills to get behind while working on this business full-time.

     

    He doesn't want to assume any more risk, and is not in the position to provide funding out-of-pocket. 

     

    Is there a way to get funding for an LLC that we each own 50% of without needing him to cary any risk? Can I find a way to get business funding without having his name tied to the loan?

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    Corporate Operating Officer http://fleetfootmarketing.com