Signatures required on loan to partnership -- Mary Beth Guard

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Signatures required on loan to partnership
Answer by Mary Beth Guard, BOL Guru
Guru BIOS

Question: On a loan for a partnership, are signatures of both (all) partners required? Or does it depend on the partnership agreement?

Answer: Answer: It depends on the partnership agreement. Consider that some partnerships consist of hundreds of individuals. Often one or more partners are designated in the agreement or by vote of the partnership (similar to a board meeting of a corporation) to act on behalf of the partnership.

The original version appeared in the September/October 2004 edition of the Oklahoma Bankers Association Compliance Informer.

First published on BankersOnline.com 4/25/05

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