Promissory Note Template: Fill & Download for Free

Short answer - yes, all of this is possible between consenting adults. But you can't force the shareholder to accept an IOU instead of cash if they object, or to sell their shares at all, unless their agreement says so.AFAIK, a company may redeem shares, pay for them with a note, cancel them, and/or control the voting rights, if and only if those provisions are contained in the share purchase agreement that the original holder of the shares accepted at the time they originally purchased the shares, if someone in the chain of ownership subsequently agreed to the provision, or if the current holder agrees to that at the time of redemption. There's certainly nothing to prevent the parties from agreeing to this. Shares can be redeemed in exchange for the note, after which they are no longer outstanding shares. By contrast, the parties could also agree that the company holds them in treasury or escrow on behalf of the holder, with no voting rights, until they are paid. On the other hand, if there is no agreement in place the company would have to convince each shareholder, individually, to agree to give up the shares in exchange for the note. They'd likely have to sweeten the deal somehow for the shareholders to accept, good luck!This answer is for common shares in privately held companies, not publicly traded companies that may be subject to some other regulations. Also, not legal advice for any specific instance per usual lawyer disclaimers and Quora's legal advice template.

Sarah, you have no chance at all of pursuing a lawsuit either one of these young men if you have no signed agreement to pay you back. There is no evidence that the money was a loan to Joe. All you have is anecdotal evidence that you gave the money to Sam.$500 interest on a $4200 month-long loan is absurd unless you are a loan shark with enforcers who break debtor’s kneecaps.You will never see the money again. This was a very expensive lesson.Never loan money to a friend or relative unless you are prepared to write off the loan as a gift. Loans are the quickest way to destroy relationships permanently.If you feel you must loan money, get a promissory note signed by both parties in front of a Notary Public. Then you would have legal standing to file suit and enforce a judgment.You can find blank promissory note forms online.Promissory Note TemplateCreate Your Free Promissory NoteYou also should dump Sam because he is an idiot with money, a leach, and a fool. I don’t care how good he fucks, he’s bad news. DMTFA

Not to state the obvious, but there's a lesson to be learned here. Never loan money to friends or relatives.But, now that you have, and assuming you do not have a signed promissory note, speak to your relative. Be honest about your disappointment. Make it clear you expect repayment but are willing to work with their budget. You can find a promissory note template online. Agree on an amount and frequency of payment (best to coincide with their pay days). Complete the promissory note, have relative sign it, and then call two days before each due date as a friendly, relative reminder. (Or if they're exceptionally flaky, provide SSAE in sufficient quantities to pay off the debt).Good luck!