Fiduciary Duties

Question 1

General fiduciary duties of partners

Answer 1

Partners have fiduciary duty to each other and to the partnership - duty of care and duty of loyalty

Question 2

Duty of care

Answer 2

Owe partnership a duty of care in the conduct and winding up of the business

Question 3

Duty of loyalty

Answer 3

Includes duty of good faith, duty not to compete, duty to not exploit a partnership business opportunity, duty to disclose, and duty to account