I am starting a company with a partner, if we apply for a loan are we both responsible for repayment?

Thank you for your question regarding loans when starting a company with a partner. The answer to your question will depend on a few factors.

First of all, how do you intend on applying for the loans? Will you apply as the business or as an individual? Depending on whose names are on the loan contract. It is recommended that both of your names are listed so that you will share the responsibility.

If you are starting a small business, you may want to consider government funding. The UK Government offers funds in the form of grants and loans for small businesses. You can search for available funds using the Startup Assessment Tool app on the UKStartups.org website. You can also call UKStartups for assistance at 020 3880 8554, toll free.

There are hundreds of government funding schemes available for small business owners in the UK. In fact, our Funding Database currently has over 600 government funding schemes and over 500 private investors available for small business owners and startup entrepreneurs. What are you doing to take advantage of this? Become a member and start your search.

Take advantage of the Small Business Startup Assessment Tool below and see the tools and resources you need to succeed at starting your small business. It just takes 30 seconds and will also tell you if there may be any funding assistance available.

Be sure to look at the hundreds of daily questions and answers we have from entrepreneurs like you who want to learn more about starting a business, creating a business plan, searching for funding. Our small business experts take the time to answer each and every single question, so if you have something on your mind – we can help!

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