Legal Articles

LLCs: Personal Use of LLC Property

Limited Liability Companies are perhaps the dominant business entity. They are easy to form and easy to manage. Often times they are manager-managed, which means that managers supervise and control the operations of the company. Managers of a LLC generally owe fiduciary duties to the LLC’s owners/members, subject to the terms of the LLC’s operating…

Oral Partnership Agreements

It is important to get it in writing, especially when it comes to business ventures. Contrary to popular belief, it is possible for a business partnership to exist without a writing saying so. If a court determines that a partnership exists, then this means that the partners owe each other a host of fiduciary duties….

Partnerships, Accountings

Partners owe each other a fiduciary with respect to the affairs of the partnership. Anchor Centre Partners v. Mercantile Bank, 803 S.W.2d 23 (Mo. 1991). As part of this fiduciary duty, each partner has a duty to “render on demand true and full information of all things affecting the partnership to any partner.” King v. Bullard, 257…

Employee Duty of Loyalty

In Missouri — even without an employment contract, non-compete agreement, non-solicitation agreement or confidentiality agreement — an employee owes his/her employer a duty of loyalty. Western Blue Print Co., LLC v. Roberts, 367 S.W.3d 7, 15 (Mo. 2012). What this generally means is that an employee cannot work directly against his/her employer’s interests. At the same…

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