Question: I’m a 1/3 partner within an LLC – we are experiencing credit problems obtaining a loan because of my credit – not too bad, just not good enough. 65,000 loans for big improvements – the broker suggested taking me from the LLC paperwork just before the loan is approved then putting me back on.
Your thoughts or suggestions would be greatly appreciated. Barry, CAAnswer: My reaction would be that the broker is suggesting you commit banking fraud. Stop and think about what it means to “take me from the LLC paperwork just before the loan is approved”. I’m uncertain what problem a loan company has with your bad credit if the other two members have good credit. Normally, all owners “jointly and severally” guaranty on small business loans. Which means the bank can recover the entire amount of the loan to the LLC from any member.
If the problem is that the bank does not wish one with bad credit to have control over the amount of money loaned, then perhaps there is certainly another way to deal with the situation. The LLC could be converted to a manager-managed LLC. Then the two users with good credit are made by the managers.
You are still left a member however, not a manager. Once and for all measure, the LLC operating agreement could declare that only managers may have personal specialist over LLC financial accounts. Uncertain if this will calm the loan officer’s fears but it never hurts to inquire. Lying is no option.
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