Partnership agreements are essential in any type of business form in Missouri: limited liability companies (LLC), professional corporations (PC), limited liability partnerships (LLP), and even general partnerships. More than anything else, they should be put in place to ensure that operation of the business is in line with how the business owners want the business to run, rather than being saddled with the standard scheme set forth in Missouri statutes. From more of a legalese perspective, they are also in place to ensure that no piercing of the corporate veil be accomplished for legal liability such as breach of contract.
To that end, it is paramount to put in place partnership agreements to address important questions relating to debts, capital funding, buy-sell agreements, dissolution & wind-up, profit sharing, equity financing, and management. Partnership disputes can be quite expensive and be very protracted. We assist in the drafting, review and preparation of a business/corporate documentation. Because disputes often arise from competing personal interests between partners, it is advisable that the individual partners obtain separate legal counsel. Fees are generally handled on an hourly basis — but sometimes on a flat fee basis.
Contact us with questions.