Answered Essay: Name and explain the duties owed by a partner to her co-partners.

Name and explain the duties owed by a partner to her co-partners.

Expert Answer

A partnership involves people carrying on a common business for profit. Partners in a general partnership are fiduciaries to each other. This relationship means that they owe each other, and the business, certain basic duties.

Duty of Good Faith and Fair Dealing

The obligation of good faith and fair dealing begins with the preliminary negotiations in forming the partnership and continues throughout the life of the partnership, extending to the dissolution and complete settlement of the partnership affairs.

Obedience

Partners must observe any limitations adopted by a majority of the partners with regard to the ordinary details of the partnership business. For example, if a majority of the partners operate a retail store and decide that no sales can be made on credit, a partner placed in charge of the store must obey this limitation.

Duty of Care

General partners in a partnership are in charge of the partnership’s business activities. The duty of care requires partners to act in a reasonably prudent manner with regard to their responsibilities for carrying out the partnership’s business and activities.

Duty of Full Disclosure

Partners are required to fully disclose to other partners any information relating to the partnership and its business that could affect a partner’s interest in the partnership. This includes any information regarding potential business opportunities, contributions made to the partnership, contracts entered into, and partnership finances and operations.

Changing Partners’ Fiduciary Duties

The fiduciary duties of partners are determined by state statute and case law. Partners can change their fiduciary duties by agreement, provided the changes are reasonable and allowed under state law.

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