Business Website on Loan

[Oldantiques]

Jurisdiction

California

My friend is starting a business for a few years only, then he wants out. I own a website or catchy domain name, that he would like to use the website for a few years to get his business started and I like the business idea.

He said he is willing to just walkaway from the business in a few years. And he is willing to give me back the website and customer leads etc. But for now, its his inventory, his products and I think its best if he is owner of the website and domain and thats what we both prefer, so when people or customers look up the site, he shows up as the owner, not me. So basically I would give him my domain and website so he can put under his name.

In several years, I want the website back. Im not interested in his products, clients etc. I just want the website back as he will make improvements on it and he will pay to market the site for several years. But in a few years (5 years) I want him to return my domain name or website, because by then hopefully hes grown the traffic since currently the website is doing nothing,

So how can I give him my website or domain name and in a 5 years he is obligated to return the website to me? My main desire is the domain name, its a good domain and thats why he likes my site also, mainly because of the domain name. So he will put money in marketing the site while he is running it. And in 5 years I want full control of it. He is ok with this as he plans to retire from the business by then.

Thank you

 

[Zigner]

My friend is starting a business for a few years only, then he wants out. I own a website or catchy domain name, that he would like to use the website for a few years to get his business started and I like the business idea.

He said he is willing to just walkaway from the business in a few years. And he is willing to give me back the website and customer leads etc. But for now, its his inventory, his products and I think its best if he is owner of the website and domain and thats what we both prefer, so when people or customers look up the site, he shows up as the owner, not me. So basically I would give him my domain and website so he can put under his name.

In several years, I want the website back. Im not interested in his products, clients etc. I just want the website back as he will make improvements on it and he will pay to market the site for several years. But in a few years (5 years) I want him to return my domain name or website, because by then hopefully hes grown the traffic since currently the website is doing nothing,

So how can I give him my website or domain name and in a 5 years he is obligated to return the website to me? My main desire is the domain name, its a good domain and thats why he likes my site also, mainly because of the domain name. So he will put money in marketing the site while he is running it. And in 5 years I want full control of it. He is ok with this as he plans to retire from the business by then.

Thank you

I'm sure a contract can be drafted that would address your desires. Of course, if he fails to abide by the contract, you will need to take steps to enforce it. I would suggest that speak to an attorney for assistance with drafting your contract.

 

[zddoodah]

so when people or customers look up the site, he shows up as the owner, not me.

Why not do it through a proxy registration so that, if anyone looks it up, it will be anonymous?

In several years, I want the website back. Im not interested in his products, clients etc. I just want the website back as he will make improvements on it and he will pay to market the site for several years.

Do you want the website or just the domain?

So how can I give him my website or domain name and in a 5 years he is obligated to return the website to me?

These are two different questions. The first part doesn't involve any legal issue. As for the second part, the simplest way to do it is by creating a contract that imposes the obligation to return the website and/or the domain.

Consult with a local attorney.

 

[adjusterjack]

So how can I give him my website or domain name and in a 5 years he is obligated to return the website to me?

As the two Zs have noted, a properly drafted contract will address the rights and obligations of both parties but it doesn't actually guarantee that he will perform those obligations when the time comes, or at all.

All the contract guarantees you is a potentially very costly lawsuit to enforce it.

Personal opinion, not legal advice. The idea is foolish. There is no reason on earth that your friend can't just create his own website to sell his products and then just abandon it or sell the domain name when he's done with it.

I have to tell you - I have known my best friend for 70 years and I wouldn't get into that kind of deal with him. It's a good way to lose a friend when something goes wrong.

 

[army judge]

I have to tell you - I have known my best friend for 70 years and I wouldn't get into that kind of deal with him. It's a good way to lose a friend when something goes wrong.

I couldn't have made it clearer.
However, that never stops me from trying anyway.

Neither a Borrower Nor a Lender Be:

Is a well known phrase phrase uttered by Polonius in Act-I, Scene-III of William Shakespeare's play, Hamlet.

The character Polonius counsels his son Laertes before he embarks on a visit to Paris.

He says, "Neither a borrower nor a lender be; / For loan oft loses both itself and friend."

The phrase means do not lend or borrow money from a friend, because if you do so, you will lose both your friend and your money.

If you lend, the friend will often avoid paying you back, and if you borrow you might have to take out some of your savings (assuming you have something stashed away), as you become a spendthrift, and face public humiliation.


https://literarydevices.net/neither-a-borrower-nor-a-lender-be/

Bottom line, loaning others the use of your things, including your money is a very risky proposition.

If you're still inclined to help, better to GIFT the thing or the cash, avoid later regret, angst, and anxiety.

In many cases, squabbling over a debt or a broken/missing thing, can even cause the lender to commit acts of violence upon the recalcitrant, deadbeat borrower.