BLAW 308 Lecture Notes - Lecture 5: Fiduciary, Capital Account, Cupcake
Document Summary
Expulsion of a partner who has transferred his interest or suffered a charging order, rupa says that absent an agreement all partners can vote to do so. So we talked about the duty of care, duty to serve, and loyalty(fiduciary duty) Remember, you have to disclose everything and cannot have secret profits. If you want to buy a competing business, partner must agree. But you also have the duty to serve which means that you are making sure your own business is running before going to another. If you have to hire someone to cover the work the other partner was doing, then you have the right to get the compensation back. A partner decides to take a venture, and make a bacon cupcake, and you lose money. You can"t sue because the partner thought it was in the best interest of the company; but you must have done the research necessary first.
