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5 Cards in this Set
- Front
- Back
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What are the two Fiduciary duties that a partner owes the other partners?
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Loyalty and Care
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What is the Duty of Loyalty?
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No CCAD - Can Computers Ace Deers?
1. No Competition; 2. No Conflicts of Interest; 3. No Appropriation of a partnership business opportunity 4. No Disclosure of confidential information. Note: Appropriation = take for own use As far as conflicts of interest, transactions between a partner and the partnership are fully permissible if certain criteria (including notice and fairness) are met. |
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What is Duty of Care?
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"Refraining from engaging in:
Grossly negligent or reckless conduct Intentional misconduct, OR A knowing violation of law |
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How should partners Discharge their duties to the partnership and other partners per RUPA?
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Consistently with the obligation of good faith and fair dealing
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The partners' fiduciary obligations in UPA jurisdictions are roughly analogous to those just spelled out for RUPA. T or F
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True
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