Q: I have open an LLC with a partner with the purpose to buy a land and get finance to build an investment home in Florida
My partner was the only person who signed on the loan for the construction, after he signed I received a copy of the closing and the terms where not favorable at all and I feel I am on a loan that is designed to get high fees and interest not favorable and not as the private lender said, I want to know if it is legal that only one person to signed this agreement without having an authorize signer and if there a way of getting out of the loan without penalties?
A: If the agreement was signed the co-owner of the LLC, on behalf of the LLC, you could argue that the "partner" did not have authority to sign. Then, if you wish you might want to try to re-negotiate the terms. In any event, since it is an LLC, you are probably not individually liable.
A:
Private lenders are never known to extend fair terms. They are a lender of last resort when a conventional lender (a bank) will not extend a loan to you.
There is likely a personal liability with any lender, no lender would extend a loan without a personal guarantee, but since you did not sign, you wouldn't be personally liable, only the LLC and your partner individually.
If you do not like the terms and this is a make it or break it for your start-up LLC, you can withdraw from the LLC.
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