Rights and Duties among GPs Flashcards
1
Q
What is GP’s relation to the partnership?
A
They are fiduciaries! To each other and to the partnership.
2
Q
What is the duty of loyalty in partnership law?
A
No self dealing (self enrichment)
No usurping partnership opportunities
No secret profits
3
Q
What is the partnership’s remedy against another partner for breach of duty or loyalty?
A
An “action for accounting.”
Recover losses caused by breach
May DISGORGE profits from the breaching partner
4
Q
Authority over Partnership Assets
A
Land, leases, equipment- may NOT be transferred without partnership authority
