Partners In a Business Partnership Are Fiduciaries to One Another

Written by Adam Peck Category: Injury Law January 16th, 2013 1 min read

Partners in a partnership are fiduciaries to each other. This relationship means that they owe each other, and the business, certain basic duties. For example, they must be truthful to each other regarding anything relating to the partnership itself, property owned by the partnership and the other partners. Thus, it would be a violation of these duties if a partner embezzled money from the business, misused or abused property belonging to the partnership, or tried to take advantage of another partner. Related to these fiduciary duties, the partners also have a duty of loyalty, which means that they must remain loyal to the partnership. Thus, a partner cannot do business with another company which is at odds with the partnership, nor can he or she conduct any side business which places them in competition with the business of the partnership itself.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.