I HV A PARTNERSHIP WITH SB. SINCE SHE HAS CHEATED ME MANY TIMES, IM NOW AFRAID THAT SHE HAS USED OUR COMPANY NAME TO BORROW MONEY...CAN SHE BORROW MONEY WITH THE CO. NAME WITHOUT MY AGREEMENT & SIGNATURE? THX A LOT!
A partnership has no separate legal entity, it is impossible for the partnership firm to make any deal with or to borrow money from the bank. However, with the consent of all partners, such arrangement could only be done in name of the partners jointly.