Rights and liabilities between general partners

Question 1

general partners are fiduciaries of each other and the partnership. therefore, general partners owe to each other and the partnership duty of loyalty, which means

Answer 1

• no self dealing
• can’t usurp partnership opportunities
• can’t make a secret profit at the partnership’s expense

Question 2

remedy for breach of duty of loyalty

Answer 2

in action for accounting, recover losses and disgorge profits

Question 3

How to determine whether property owned by partnership or personal property owned by individual partner?

Answer 3

whose money was used to buy the property

Question 4

Management: absent an agreement, each partner is entitle to how much control/vote?

Answer 4

equal

Question 5

Salary: absent an agreement, partners get…

exception

Answer 5

NO salary

exception: pay for helping to wind up the business

Question 6

Partner’s share of profit: absent an agreement, profits are shared…

Answer 6

equally

Question 7

Partner’s share of losses: absent an agreement, losses are shared

Answer 7

LIKE PROFITS