When people decide to enter into a professional relationship, they know that the agreement will create certain rights and obligations with one another. If this relationship is a business, the partners expect each other not engage in any behavior that somehow damages or injures the company. Partners must only make decisions that benefit the business. If the partner violates this trust, he or she may be liable for a breach of the fiduciary duties that they owe to the company or others involved with the business. Individuals that may owe fiduciary duties to the company include partners, co-owners, officers, directors, employees and shareholders, as well as anyone else responsible for making decisions concerning the operation of the business. In business disputes, sometimes the only answer is to get a receiver appointed by the Court. Find out how here! For immediate help with your business legal needs, call us today (714) 505-3000 or toll free (866) 237-8129! Or email our business law department at preno@bc-llp.com For more information on Irvine and Orange County’s business and corporate law firm, visit www.bc-llp.com Also, visit us on Google Plus: https://plus.google.com/+BrownCharbonneauLLPIrvine/about

1. What are Each
Partner’s
Duties to Each Other and
The Partnership?

2. Fiduciary duties owed to partners
Breach entitles
other to a remedy
Duties cannot be waived

3. Duty of Care
Duty of Loyalty
Faith
Duty of Good Faith
& Fair Dealing
Duty of Obedience

4. Duty of
Care
ü No grossly negligent acts
ü No reckless conduct
ü No intentional misconduct
ü No knowing violations of law

5. Duty of
q Account to the partnership
q Hold as trustee property,
profits, and benefits
q Refrain from dealing
adversely to the partnership
q Refrain from competing

6. duty to act consistent with
partnership’s business purpose
and mission
duty to guide and oversee
business to operate in
accordance with purpose
and mission
OBEDIENCE

7. Duty of Good
Faith & Fair
Dealing
q Can’t take unfair advantage
q Can’t enjoy greater rights
q Can’t obtain secret profit
q Can’t obtain undue benefit

8. CALL US TODAY!
www.bc-llp.com 888.809.1235
Paula Reno at preno@bc-llp.com
Gina Michel at gmichel@bc-llp.com

9. GREGORY G. BROWN
ü AV Rated
ü Super Lawyers (top 5%)
ü AVVO Superb Rated
ü Cert’d Trial Specialist
ü Top 100 Trial Lawyers
ü ABOTA Member
ü Attorney of the Year