The General Partner Flashcards
1
Q
A General Partner’s Power
A
The general partner cannot contract out of the fiduciary duties. The general partner has a duty to render true and full information on demand.
2
Q
PA’s Restricting Breaches of Loyalty
A
A partnership agreement can trump statutory law in the case of allowing a committee to approve potential breaches of the duty of loyalty. If there is no agreement, the LP would have a windfall in the form of the disgorgement of profits and property from the transaction.
