Basic Promissory Note for Companies no Interest
This Basic Promissory Note is a straightforward way for a company to acknowledge and document a debt. It takes the form of a written, dated and signed unconditional promise by the ‘promisor’ (a company) to pay a definite sum of money to the ‘payee’ (who may be an individual or a company), either on demand or at a specified future date.
The note is signed only by the promisor (and not by the payee/lender).
As a general principle, for promissory notes, the law presumes (contrary to the usual rules of contract) that consideration is provided. It is therefore not necessary to execute this promissory note as a deed.
This Basic Promissory Note is unsecured and the debt does not carry any interest.
What does Basic Promissory Note for Companies no Interest do?
It records a company’s promise to repay a definite sum, without interest, using a simple promissory note rather than a full loan agreement.
When should you use Basic Promissory Note for Companies no Interest?
This version is designed for use by a company and is best suited for loans of smaller amounts where no interest is payable and a basic form of promissory note is sufficient.
Choose the right version
If you need a company promissory note with interest and repayment by instalments, use:
If the promisor is an individual (rather than a company), use:
Basic Promissory Note for Companies no Interest is part of Corporate. Just £38.50 + VAT provides unlimited downloads from Corporate for 1 year.