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#2055 - 05/31/01 01:24 PM Correct Title for Entities
CFreasier Offline
Junior Member
Joined: Mar 2001
Posts: 25
Corpus Christi, TX, USA
I am needing some help with the correct way to style loans made to two individuals who are doing business as a company. It is my understanding that, in the state of Texas, they have to be a partnership. Our loan officer is requesting the loan be in the individuals' names. Should the loan be typed in their names d/b/a the company or should it be just in the company's name with them signing as partners?

Any help is greatly appreciated!

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General Discussion
#2056 - 05/31/01 03:20 PM Re: Correct Title for Entities
Andy_Z Offline
10K Club
Joined: Oct 2000
Posts: 27,590
On the Net
It has been a while since I dealt with these issues. But they should have a partnership agreement or a DBA certificate, or both. That should help with the styling.

Initially I would believe it is to the business with them as signors on the note, both in the capacity they hold in the company and individually.

Andy Zavoina
Opinions stated are not necessarily that of my employer.

My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#2057 - 05/31/01 03:29 PM Re: Correct Title for Entities
Mary Beth Guard Offline
Platinum Poster
Mary Beth Guard
Joined: Oct 2000
Posts: 797
Oklahoma City, OK
Also, when two or more individuals do business and are not incorporated, are not a limited liability company, etc., they are considered a partnership for IRS purposes and would need to have a partnership tax ID#, so you could also take a look at the SS-4 application they submitted to see what name they are doing business under for IRS purposes.

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