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Take Payment On Individuals Out of LLC?

Answered by: 

Question: 
Can I take a payment due on an individual's loan out of the LLC, where the individual is an authorized signer and member manager?
Answer: 

Absolutely not. The LLC is a corporate entity. It would be like another bank debiting the bank's cashier's check account because you can sign cashier's checks at your bank as an authorized signer. The only exception would be if the LLC guaranteed the loan to the individual.

First published on BankersOnline.com 3/4/13

First published on 03/04/2013

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Filed under lending as: 

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