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In the context of partnerships, what does the term 'fiduciary duty' imply?

Practice Questions

Q1
In the context of partnerships, what does the term 'fiduciary duty' imply?
  1. Partners must act in their own best interest.
  2. Partners must act in the best interest of the partnership.
  3. Partners can compete with each other.
  4. Partners can withdraw their contributions at any time.

Questions & Step-by-Step Solutions

In the context of partnerships, what does the term 'fiduciary duty' imply?
  • Step 1: Understand that a partnership is a business relationship between two or more people.
  • Step 2: Know that 'fiduciary duty' is a legal term that means one person must act in the best interest of another.
  • Step 3: In a partnership, each partner has a fiduciary duty to the other partners.
  • Step 4: This means that partners must make decisions that benefit the partnership as a whole, not just themselves.
  • Step 5: Partners should be honest and transparent with each other to maintain trust.
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