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The Missouri partnership agreement is a legal document that outlines the essential details of the relationship between the partners in their business partnership venture.
Partners often decide to draft the partnership agreement or the partnership deed to minimize the possibility of having any disputes in the future since the document provides all the details about their business operation, such as their initial investment, rights, and responsibilities. In this way, every partner will know their status in the business partnership.
In Missouri, the partnership agreement is also called the “partnership contract” or the “articles of partnership.”
Missouri Partnership Agreement Types
This section provides a list of all partnership agreement types used in Missouri:
Types of Partnership Agreement
General Partnership (GP): This type of partnership agreement enables all partners to have decision-making power. However, when it comes to liability, they are all liable for the business operations with all of their personal assets. (§ 358.010 to § 358.520)
Limited Partnership (LP): This is a business partnership between one or more general partners, who have unlimited liability for the business operations and have decision-making powers, and one or more limited partners, who don’t have decision-making powers but have limited liability for the business operations. (§ 359.011 to § 359.691)
Limited Liability Partnership (LLP): Here, all partners make decisions equally, and they are not liable for damages caused by the actions of other partners. (§ 358.440 to § 358.450 and § 358.500)
Missouri Partnership Agreement Requirements
In Missouri, the partnership agreement format should include the following:
Mandatory Requirements
Details about the business partners
Information on what type of business partnership is established
Details about the registered business activity and address of the partnership
Information on when the partnership is established
Rules on how the business entity will be managed
Details on how the profits are shared between the partners
Rules on how the partners will cover eventual business losses