Download - Breach of Fiduciary Duty in Business

What are Each Partner’s Duties to Each Other and

The Partnership?

Duties cannot be waived

Breach entitles other to a remedy

Fiduciary duties owed to partners

Duty of Good Faith

Duty of Obedience

Duty of Loyalty

Duty of Care

& Fair Dealing Faith

Duty of Care

ü No grossly negligent acts ü No reckless conduct ü No intentional misconduct ü No knowing violations of law

Duty of q Account to the partnership

q Hold as trustee property,

profits, and benefits q Refrain from dealing

adversely to the partnership q Refrain from competing

OBEDIENCE

duty to act consistent with partnership’s business purpose and mission duty to guide and oversee business to operate in accordance with purpose and mission

Duty of Good Faith & Fair Dealing

q  Can’t take unfair advantageq  Can’t enjoy greater rightsq  Can’t obtain secret profitq  Can’t obtain undue benefit

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