Can a business licence and LLC documents be switched to another person with a loan under the current business owner?

A relatative is doing me the favor of using his credit to apply for a business loan to purchase equipment but does not want to get his name involved with business licence or LLC documents, however, the loan company is telling me that once we sign for the loan that I can switch over the bussiness name to me. Would... show more A relatative is doing me the favor of using his credit to apply for a business loan to purchase equipment but does not want to get his name involved with business licence or LLC documents, however, the loan company is telling me that once we sign for the loan that I can switch over the bussiness name to me. Would that be possible?
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