Promissory Note

Promissory Note

Promissory NotePromissory notes are one of the most popular types of business contracts our Charleston law firm is hired to develop. Promissory notes are common for new start-up businesses, particularly in real estate and retail ventures where there is a need for significant start-up capital.  Promissory notes may be used in almost any situation where one party agrees to loan money to another (or to the business entity) - as a formal agreement between the parties. Although they are often short and simple, promissory notes are nonetheless important, and must be drafted carefully. Our Charleston business attorneys regularly draft promissory notes for many of our businesses and individual clients.

Generally, a promissory note will touch on a number of issues, including the amount of money owed, the sources for the money, the repayment schedule, the duration within which the note must be repaid, interest charged, requirements for security collateral (if any), the terms for any repayment acceleration, and the conditions regarding any installment payments allowed. Additionally, a promissory note will set forth the legal consequences for a breach of the promissory note terms or default on the repayment of the loan. Once the promissory note is properly executed, the parties have entered into a legal contract that can be enforced under the law.  However, it must be noted that not unlike the majority of legal documents our law firm develops, the promissory note may be, and often is, amended or modified by agreement of the parties involved.

Promissory notes can be used for a number of transactions especially those involving products or services. It is an acknowledgement that a debt is owed, and that said debt will be repaid within a specific amount of time.

»  Convertible Promissory Notes
A Business Law Firm

Frame Legal, LLC is an innovative, business-focused law firm providing professional, efficient and affordable legal representation to new start-ups, small businesses, private companies, inventors and entrepreneurs throughout South Carolina.  Our Charleston law firm is committed to providing our business clients with proactive business counsel, highly responsive communication and thoughtful, experienced legal representation.

Business Law Firm

Our Charleston business attorneys and business professionals offer counsel to clients in and around Charleston, North Charleston, Mt. Pleasant, Columbia, Greenville, Goose Creek, Summerville, Moncks Corner, Beaufort, Spartanburg, Anderson, Forence, Hilton Head, Myrtle Beach and Orangeburg.


Please don't hesitate to contact us to make an appointment for a complimentary consultation.  Our business lawyers are available to meet with you at our downtown Charleston or Mt. Pleasant  law office.  In the alternative, we are happy to speak with you over the phone or via email if more convenient. 


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