What is a “Responsible Party”?

By August 13, 2019General
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What is a “Responsible Party”?

A “Responsible Party” is the natural person connected to the business that is the contact person for the business customer seeking business financing or a Merchant Cash Advance and must be either a signatory, true principal officer, general partner, owner or trustor who controls, manages, or directs the business and the disposition of its funds.

The responsible party manages the relationship on behalf of the business customer and provides consent to Behalf to make inquiries into their personal credit history.