GroundRules
← Search the law
Missouri · Through 2026 legislative session (floor)

Mo. Rev. Stat. § 347.090: Reliance by authorized person upon information — discharge of duties.

Read at publisher ↗
Where this section sits in the code
  1. Title XXIII - CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS
  2. Chapter 347 - Limited Liability Companies — Merger and Consolidation of Business Organizations

1. Unless he has knowledge concerning the matter in question that makes such reliance unwarranted, in discharging his duties under the operating agreement, an authorized person is entitled to rely on information, opinions, reports or statements, including financial statements and other financial data, if prepared or presented by:

(1) One or more employees of the limited liability company whom such authorized person reasonably believes to be reliable and competent in the matters presented;

(2) Legal counsel, accountants, or other persons as to matters such authorized person reasonably believes are within such person's professional or expert competence; or

(3) A committee of managers or members of which he is not a constituent, if such authorized person reasonably believes that the committee merits confidence.

2. An authorized person is not liable for any action taken with respect to his duties under the operating agreement, or any failure to take such action, if he performs such duties in compliance with this section.

Collected 2026-09-03T22:23:27Z. Source file · JSON

Browse this collection