Retirees with a lot of cash should be careful about starting a new business with a friend.
I have seen many cases where the business failed, and the friendship broke down. In some cases, the retiree is a passive investor and is cheated by the friend.
If you really wish to invest in the business, you should start by spending a few thousand dollars to get a lawyer to write a legal contract or shareholder's agreement. The lawyer can ask the right question and verify some of the statements made by the promoter.
If you wish to invest in land or other shares overseas, you should also engage a lawyer to do the necessary legal checks.
Send small money now, to avoid losing large sum of money later. Do not be "penny wise, pound foolish".
I have seen many cases where the business failed, and the friendship broke down. In some cases, the retiree is a passive investor and is cheated by the friend.
If you really wish to invest in the business, you should start by spending a few thousand dollars to get a lawyer to write a legal contract or shareholder's agreement. The lawyer can ask the right question and verify some of the statements made by the promoter.
If you wish to invest in land or other shares overseas, you should also engage a lawyer to do the necessary legal checks.
Send small money now, to avoid losing large sum of money later. Do not be "penny wise, pound foolish".
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