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dont take money off friends, there is no friendship that will endure money issues.
Also friends tend not to be as silent as they should be.
From a legal stand point, incorporate the company, sell a shareholding to him which means the debt belongs to the company, if it all goes tits up then the company goes bankrupt not you, unless he can prove that you acted irresponsibly as a director of the company.
Dont take the money if you don't plan on incorporating the company as there is no point in taking on personal liability because money is piss simple to generate without debt.
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