Instead of having to apply for business finance loans, there is another option, limited partnership. This can give you the financial backing that you need for your business without having to deal with the finance companies. You will still have the say of the everyday business actions. They will have the right to vote in meetings, and you will also keep them informed about what transactions that take place with the business if they desire.
A limited partnership can be a great opportunity for you as well as the limited partner. While you get the business finance that you need, they get to share in the profits of the business while enjoying not having to deal with day to day business. There will be a contract that you both sign that will state how the profits are split. This is usually divided amongst the partners equally. You will want to make sure that the partnership is handled effectively or partners money will be jeopardized. Remember that the limited partner will have rights to vote to have you removed if the majority votes to.
The limited partnership stays ongoing as long as one general partner is still in the business. If there is a business transaction that goes wrong the general partners are liable and not the limited partners. You can lose your property but not them. Before you decide if taking on a limited partner is right for you talk to a professional about it.