Partnership Duties

Question 1

GP

Answer 1

Each partner owes the partnership and other partners the fiduciary duties of care and loyalty as well as a statutory duty of disclosure. The duty of disclosure can be eliminated.

Question 2

Duty of Care (Partnership)

Answer 2

Refrain from grossly negligent or reckless conduct, intentional misconduct, or a knowing violation of the law.

Question 3

Duty of Disclosure (Partnership)

Answer 3

Without demand: give complete and accurate information concerning the partnership’s business to the extent reasonably required for exercise of a partner’s duties.

With demand: give complete and accurate information about the business to the full extent (unless otherwise unreasonable)

Question 4

LP

Answer 4

General partner owes duties of care/loyalty/disclosure to the partnership and the other partners

Limited partners have no fiduciary duties

Question 5

LLP-LLLP

Answer 5

No fiduciary duties