Explain the duties and rights of partners in a general partnership
What will be an ideal response?
The duties among partners are as follows:
a. Fiduciary duties — These include duty of loyalty, good faith, fairness, duty not to appropriate partnership opportunities, not to compete in some instances, not to have conflicts of interest, and not to reveal confidential information of the partnership.
b. Duty of obedience — This is a duty to act in accord with the partnership agreement.
c. Duty of care — This is a duty to manage the affairs of the partnership without gross negligence, reckless, or intentional misconduct.
The rights among partners are as follows:
a. Partnership property — This is the right to possess and use for partnership purposes.
b. Transferability of interest in partnership property — This is the right to the share of profits and losses of the partnership.
c. Management of property — This states that partners have equal rights unless otherwise agreed on pursuant to the partnership agreement.
d. Information — This states that each partner has the right to information necessary to carry out rights of the partnership.
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