I appreciate everyone for their time and what they contribute to the community. 

I think the pandemic lock-downs across the United States have caused many people to reassess what is meaningful in their lives, and those who do not currently live near family may choose to move closer to their relatives once they have the opportunity.

But, his FICO used to acquire the LOC which pays expenses essential to complete the transaction is a significant contribution; equivalent in value to the consumed amount of the credit line.  

@Jeff ExlineThere're over 20 of tax accountants actively contributing to this forum.

We don't know about about the specifics of your financial situation to give you meaningful advice- if you make $500k per year at your day job, it's probably not an issue.

My partners will contribute cash only to the deal.

Easier to reach the max contribution and better protection should an unforeseen liability arise in the business or life. 

I am looking to create a legitimate business, that would pay us a salary and also allow us to continue to make retirement contributions.

Once you agree on things like roles and financial contributions you definitely need to have an attorney draw up the documents to make sure you are all protected and any negative outcomes are contemplated in advance. 

It sounds like you're in a place where contributing capital is much easier than committing time.