If I’ve started a real estate investment business and am the sole member of an LLC, is the co-signer of a loan entitled to any interest in my business for immediate/future property acquisitions?
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If I’ve started a real estate investment business and am the sole member of an LLC, is the co-signer of a loan entitled to any interest in my business for immediate/future property acquisitions?
For my initial property purchase I have utilized a cosigner on a small personal loan. I intend to pay down the loan as soon as I am able to liquidate an asset.
Asked on September 4, 2015 under Business Law, Louisiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
The co-signor does not have any rights to your business or its income or assets other than those which you and he/she mutually agreed to give him/her co-signing, by itself, conveys no rights. Of course, you may need to offer someone a piece of the business or some other payments to get them to co-sign, but that's up to you and the potential co-signer to discuss.
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