General, common law partnerships are not as prevalent as corporations, limited liability companies, limited liability partnerships, or other statutory entities registered with the Missouri Secretary of State. A partnership may arise legally, however, if parties are not careful. Co-ownership and sharing of profits between one or more persons, without anything more formal (written or otherwise),…
Legal Articles
Business Partnerships in Missouri
Under Missouri Law, a general partnership, unlike a limited liability or corporation, does not necessarily require that the owner(s) file an organization or incorporation document with the Secretary of State. Rather, Missouri law will recognize the existence of a general partnership when 1) two or more people 2) carry on a business as co-owners with…
Starting/Forming a Business Entity
Although not a formal prerequisite to operating a business, forming a business entity is essentially a must for every business owner. Limited liability is a key aspect in any business operation to shield your personal assets and estate from any debts/obligations of the business. Moreover, it is often the case that banks or vendors will…
Limited Liability Partnerships
A limited liability (“LLP”) is almost the same thing as a general partnership (“GP” — which I wrote about a while back). The primary difference between a LLP and a GP is that the LLP has a broad limitation of liability for partners in a registered LLP. Under Missouri Statutory Section 358.150, partners generally enjoy…