LLC & LLP Loan Documentation

Answered by:

Question:

What documents are required for our loan files when we do a loan for a Limited Liability Company or a Limited Liability Partnership? Are these considered corporations? Do you have a check list to go by?

Answer:

Answer by Randy: Your should refer to your CIP policy regarding the documentation you require from non-individuals to obtain a loan from your bank.

Answer:

Answer by Andy: I would just add to Randy's comments that your CIP should be in sync your state requirements for forming and doing business as other than who you are. This will also help guide you as to what documents would be required. These could include a certificate of good standing/status, tax certificate, IRS notice of an EIN and possibly more. Again, this can vary from state to state. This is also a question for the state forums in the BOL threads.There, your peers may be able to assist you.

First published on BankersOnline.com 5/22/06