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If you got a small business loan but gave the whole amount to your partner in the form of a check how can you legally make your partner liable for the payment?
Wiki User
∙ 12y ago
dont think you can, as it will still be in your name the loan thats is, you would have to get him to take on the load and sign paperwork over to him, if your name is on the loan then you are responsible for the repayments not him. He should have taken out the loan not you or do it in both names, the only way i know off to make him liable is to get offical paperwork signed over to him as if it was a business buy out debits and all with the banks involvement.
AnswerIf you have a legal partnership and the check was made out to the business, then you are both responsible for repayment. Also, be sure to file your schedules with the IRS as a partnership. This will strengthen your case if you need to take legal action if the check was made out to you. However, the first entity from which the bank will seek to collect is from whoever signed the loan agreement.Wiki User
∙ 12y ago
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