Missouri § 347.090 Reliance by authorized person upon information — discharge of duties.

Missouri Statutes

§ 347.090 — Reliance by authorized person upon information — discharge of duties.

Missouri § 347.090

Title XXIIICORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Ch. 347Limited Liability Companies — Merger and Consolidation of Business Organizations

This text of Missouri § 347.090 (Reliance by authorized person upon information — discharge of duties.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 347.090 (2026).

Text

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 co

Free access — add to your briefcase to read the full text and ask questions with AI

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.