Missouri Partnership Agreement
Although it doesn't seem possible when starting a business with your partner there will be any issues, its quite possible that at some point the partnership with sour or turn into a toxic situation. Just like corporations and limited liability companies, partner also have fiduciary duties of care and loyalty. Disputes can arise from a breach of those fiduciary duties.
The duty of care requires the partners to acts in a reasonably prudent manner when making business decisions, adequately conduct due diligence and act in good faith.
The duty of loyalty requires the partners to put the business first; above their own self interests. The duty requires those partners to disclose and avoid and possible conflicts of interest and preclude those directors or members from any self-dealings.
Partnership disputes can result in very tenuous and difficult litigation process. Hiring an experienced attorney who can quickly and effectively investigate and defend the claims against you will help assure you obtain a favorable result.
Contact Howard Law at (314) 325-9868 if you’re involved in a partnership dispute.