Legal Question in Business Law in Texas
Put husband's LLC in wife's name for SBA loan?
My husband and his business partner
have a successful LLC of 14 years,
which is now struggling from the
economy downturn. The bank is not
sounding positive about the amount
they need an SBA loan for to make it
during this slow time and continue
growth. I think my husband is going
to ask me if I will put the business in
my name so I can pursue a Woman's
SBA loan to save the business. I feel
this gives me to much exposure and
I will crash alone should something
happen to our marriage, as we are
newly separately 1 week. Am I being
set up to fail? I even feel stupid
asking this question, but given my
recent separation I am pretty
vulnerable, and need concrete
information.
1 Answer from Attorneys
Re: Put husband's LLC in wife's name for SBA loan?
Why would you even consider doing something like this - whether separated and vulnerable or happily married and content as a pea in a pod? Did you consider that there is probably a very good reason why he would be turned down for an SBA loan under his own name? The business is in failure mode - don't even consider becoming associated with that mess. Hope this helps. Trying to talk bluntly and candidly to you here so that it might shock you a bit - back into reality!
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