Assuming Debt

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This is not for online business. My youngest son is questioning me on the process of Assuming Debt. He wants to buy into a company with a partner and work it til he graduates and then possible sell his investment. He has got alot of the leg work done and said the SBA staff are no help. If it is not written on thier screen they don't know. My question.. If he assumes say 30%of business (at cost of $12000.) could this be done by loan or personal credit. Can it be done just on paper and then paid to company account by his payroll deduction? I have just bought or financed our past two business and I am stumped. He checked on Micro Loan.. Needs more info than he can get? They are buying at a discount and in a year or so if he wanted to get more control of company it would cost more $ for same mount of %. He had another offer from Partner, my son can control 5% for a cost of NOTHING and work it for smaller salary first year with vehicle and phone privlidges at no additional cost. Then option to buy later. This is what I think may be best..Get his foot in the business and put away money til next yr. Of course with this option I get his truck and why not I pay his expenses anyhow. He talked to a bank, to young with no credit history, but truck and it is joint account. I know there have to be some members here that may share thier opinon or have better idea instead of me just putting up the money.. Thanks