Legal Question in Business Law in California
My business partner and I were 50/50 partners when we took out an EIDL loan. A year later, we changed to 60/40. Does the loan stay as contracted or move to the 60/40 ownership structure?
Asked on 2/07/24, 6:44 pm
1 Answer from Attorneys
Edward Hoffman
Law Offices of Edward A. Hoffman
Borrowers cannot change the terms of a loan agreement without the consent of the lender. That agreement thus remains in effect as written.
Answered on 2/07/24, 6:52 pm
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