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Signers on Parnership Loan

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Question: 
If I am doing a loan for an LLC where two partners own 40% each and the third owns 20%, do I need any information/documentation on the third owner if he is not going to be a borrower on this loan? Would meeting minutes be required where it is decided the third owner will not be signing the loan?
Answer: 

You need a proper corporate resolution appointing the authorized signers for the LLC - talk to your general counsel.

First published on 04/24/2022

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