Yes, actually it does.
Just like one management company makes a check out to me and to my one of my partners. Now if my partner and I had agreed to split that money, or he had done work on that project and that money was owed to him, if I cashed the check without him knowing with just me signing it, that would be fraud.
If the management company just puts his name on there as well because he is the other "executive", then there is a good chance, with no contract in agreement, that his right to that money would be waived should it end up in court.
I deposit many checks directly into my account with multiple names on it all the time. The reason I am not worried? Because the management company feels that they have to put multiple names on the check, when the other person has no right to the money contractually.