What is a Convertible Note?
The convertible promissory note is a standard loan document with a special provision: when the company sells stock to other investors, the loan amount is applied to the purchase of the stock.
Legally it’s a loan. The paperwork says it’s a loan. The accountants put it on the books as a loan. The IRS considers it a loan (a problem we’ll get to later). It has a maturity date and an interest rate like a loan. It’s not a loan.
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What is a Bill?
The word bill comes from the Medieval Latin word bulla, meaning sealed document. That became the Anglo-Norman French word bille , which morphed into the English word bill.
Your vendor sends you a bill that you will then pay. If you print the bill and mail it, your customer will receive a s...
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