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MShore Law, Attorney
Category: Business Law
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I am a partner 50/50 in a Company, LLC. My business partner

Customer Question

I am a partner 50/50 in a Company, LLC. My business partner wants to buy a building and put it in our company name. I do not want to buy the building and do not want him to put it in our Company name. Can he take a loan out in our company name and put the building in our company name without my permission?

rich

Submitted: 10 months ago.
Category: Business Law
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Expert:  MShore Law replied 10 months ago.

Thank you for the post, I am happy to assist you by answering your questions. What does your operating agreement state with respect to the power vested in each member to bind the LLC?

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Customer: replied 10 months ago.

Don't understand your question. We are 50/50 partners.

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Expert:  MShore Law replied 10 months ago.

I was asking what your operating agreement states with respect to one member's ability to indebt the LLC.

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Customer: replied 10 months ago.

not sure. we are just a manufacturing Rep. firm. Very small, just 2 of us, no employees. Can he put the building/loan in my our company name if I don't sign anything?

Expert:  MShore Law replied 10 months ago.

Yes, technically he can. In order to stop him doing so, you should consider having outside counsel advise him that you will seek to block the transaction or dissolve the LLC.

MShore Law, Attorney
Category: Business Law
Positive Feedback: 98.1 %
Satisfied Customers: 25273
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
MShore Law and 13 other Business Law Specialists are ready to help you
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Customer: replied 10 months ago.

Will I be responsible for the loan if I don't sign for it?


 

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Expert:  MShore Law replied 10 months ago.

Not personally liable, but the LLC will be liable.

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Customer: replied 10 months ago.

I don't see how the company can buy a loan without both parterns signing on the loan. If my wife signs for credit cards and I don't and she doesn't pay the bills I am not responible for them.

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Expert:  MShore Law replied 10 months ago.

I understand, but you and your wife are not a business. Your partner is binding the business, not you in your personal capacity.

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