Partners have specific duties to each other and to the partnership. The most important is the fiduciary relationship the partners have toward each other. A fiduciary relationship means that a partner has an obligation to act for the benefit of the other partners within the scope of the partnership. This relationship imposes a duty of loyalty which the parties cannot modify in their partnership agreement. A partner must inform the other partners before conducting any personal business with the partnership, cannot act personally on an opportunity offered to the partnership, and cannot compete with the partnership. Partners must use reasonable care when conducting partnership business and could be held liable to the other partners for any damage caused by their actions.
It is strongly recommended that partners have a written agreement defining the way in which they want the business to operate and their relationship to each other and to the partnership. In the next article we will expand on the general partnership Telephone Number List to look at the limited partnership and the limited liability partnership. Similar to the general partnership, these forms create different relationships between the partners and between the partners and the partnership. With the right business form, you can limit the exposure of your personal assets to business-related liabilities.
Executive Summary - The USA citizens are not secure and something has then concerned about the safety and security of their life and property. Guess what? For the month of April there were 1.2 million Fbi Criminal Background Checks performed at the request of licensed gun dealers regarding a firearms sale. If a person were buying 12 guns there would only be one check. This means the figure could represent more than 1.2 million guns sold for the month. There is also the possibility that the person was turned down and thus no gun was sold, just a check performed. In the previous year for the month of April 2008 940,000 checks were performed. This is a 30% increase. How about next year?