Should I Include Payment Terms in My Promissory Notes?
* From Date: Tuesday, February 27 2007
Promissory notes can be drafted to require payment in a number of different ways, including:
- equal monthly payments
- equal monthly payments with a final balloon payment
- interest-only payments and a final balloon payment
- single lump-sum payment of principal and interest
Decide which of these choices work for you and your corporation, and draft your promissory notes accordingly.
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