Andrew has recently started his own business. Andrew has incorporated a company of which he is the sole director and entered into a number of contracts with suppliers. As the director Andrew has also signed a number of personal guarantees.
Andrew’s father Mark wants to help Andrew out with his new business venture and has agreed to advance Andrew the sum of $50,000.00 to get him started.
Mark doesn’t care if he is not repaid and considers it a gift. Mark simply wants to help his son as much as possible.
Mark seeks legal advice about his intention and how he can best help his son.