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socrateaser
socrateaser, Lawyer
Category: Tax
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Experience:  Retired (mostly)
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I have a closing and the loan officer is asking me to write

Customer Question

I have a closing and the loan officer is asking me to write a letter stating that the business that I dissolved in 2014 will no longer incur losses. I am not sure what they are asking me to put in the letter
Submitted: 1 year ago.
Category: Tax
Expert:  socrateaser replied 1 year ago.

Hello,

The loan officer is looking for a statement indicating that your business has no outstanding debts or liabilities that could result in future legal action against the business, and which would create personal liability for you (assuming that your business was not a separate legal entity (corporation, LLC, etc.).

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.

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