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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
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Andy_Z
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.

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Andy Zavoina
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My opinions are not necessarily my employers.
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#2057 - 05/31/01 03:29 PM Re: Correct Title for Entities
Mary Beth Guard Offline
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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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