Buying out partners
Two of my partners with shares in our practice premises have retired leaving three partners with premises shares plus two new partners who will not be buying in for at least a year.
Meanwhile the remaining property-owning partners are taking out interest-only loans to buy out the retired GPs, but the lender insists that, as these loans are to the partnership, all the current partners should be signatories, and therefore liable, regardless of their property-owning status. We receive notional rent on our property.
Is the bank correct? Should the new GPs contribute to the interest payments on the loans or the mortgage interest payments?