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#2198791 - 11/20/18 07:22 PM General Partnerships & Demographic Info
Oly78 Offline
100 Club
Joined: Aug 2006
Posts: 135
We currently have two individual applicants who are applying jointly for a business-purpose loan to purchase an investment property. This “partnership” (as the applicants call it) is nothing more than a verbal, “handshake” arrangement. There are no organizational documents, and nothing filed with the state. Would we consider the applicants as natural persons in this case, and collect/report DI? Or, is their informal partnership still considered an entity? If this factors into it, our state law would consider this a “General Partnership,” even though the partnership has no formal organizational documents. Thanks for your help!

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#2198801 - 11/20/18 07:49 PM Re: General Partnerships & Demographic Info Oly78
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I would treat them as individuals since there is no legal entity.
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David Dickinson
http://www.bankerscompliance.com

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#2198813 - 11/20/18 08:31 PM Re: General Partnerships & Demographic Info Oly78
Oly78 Offline
100 Club
Joined: Aug 2006
Posts: 135
Thank you!

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