fiduciary duties

Question 1

what duties do partners owe

Answer 1

1. duty of loyalty
2. duty of care
3. duty of disclosure
4. duty of obedience

Question 2

duty of loyalty

Answer 2

1. tell partnership about
   
   1. any benefits partnership derived from partner conducting business,
   2. using partnerships property
   3. appropriating partnership opportunities
2. refrain from having adverse interests when acting on behalf of pship
3. refrain from competing with pship in conduct of business

Question 3

duty of care

Answer 3

1. refrain from gross negligence,
2. reckless conduct,
3. intentional misconduct,
4. knowing violation of law

Question 4

duty of disclosure

Answer 4

duty to provide complete and accurate info concerning partnership

Question 5

duty of obedience

Answer 5

partner hs to obey reasonable directions of partnership

Question 6

what counts as partnership property

Answer 6

1. purchased in PS name
2. purchased with PS funds

Question 7

is a partner a co-owner in the PS property

Answer 7

no

an only used the property for PS purposes

Question 8

what property does the partner have in a PS

Answer 8

their interest ie their shares