Posted by Terry on October 28, 2009 at 11:05:55:
I have had someone approach me trying to put together a group deal under a LLC structure with him as the managing member. He is requiring each member to be "joint and several" liable for the loan. Is that typical under these group deals? Is it a bank requirement? Does anyone sign up for this type of liability without having a say in the management of the LLC? Thanks in advance for any insight.
Terry