Breach of Partnership Fiduciary Duty
The important fiduciary duty between partners in a general partnership or limited partnership is one of the more critical aspects of a partnership. The duties between partners are obviously reciprocal. This is because the very nature of a general partnership or a limited partnership necessitates that all partners deal fairly with one another.
Addressing these common breach of fiduciary duty issues is only the beginning of the legal analysis. In short, whenever one party places trust and confidence in a second person with that second person’s knowledge, specifically in the business or corporate context, it is very possible that a fiduciary relationship is established. When the fiduciary relationship is established, either under statute or in a contractual context, the idea is to impose on the fiduciary the duty to act in the best interest of the trusting party.