In forming a limited liability partnership, each partner owes the other partners, as well as the partnership itself, a high level of loyalty, actions of good faith, and fair dealing. Under this duty, each partner will share in all the profits and losses earned by the partnership and no income shall be withheld by any partner. If Edie Fercano wishes to establish a limited liability partnership, but maintain a certain client outside of the partnership interest, she should have specific clauses included in the partnership agreement. This will avoid any conflicts or misunderstandings regarding Edie Fercano’s duty of care to the partnership. The partnership agreement outlines the rights and responsibilities of each partner. The agreement will
