Member's interest not security.

Mo. Rev. Stat. § 347.185
in effect
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347.185. Member's interest not security. — It shall be rebuttably presumed that a member's interest in a limited liability company in which management is not vested in one or more managers is not a security for purposes of any and all laws of this state regulating the sale or exchange of securities. (L. 1993 S.B. 66 & 20 § 359.830) Effective 12-01-93
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://revisor.mo.gov/main/OneSection.aspx?section=347.185Fetched: 10/17/2026