Admin

login | register

How competitive are you at different Law Schools?

Enter your LSAT and GPA scores and find out!
GPA: out of 4.0
LSAT: out of 180

Student Resources

Law school matching
LSAT Prep
Law School Rankings
Law School Search
FREE Law School Outlines
Click the nut
Legal Forums arrow Legal Forums
Legal Forums
Welcome, Guest
Please Login or Register.    Lost Password?
Legal Forums Attorneys Business and Corporate Law
fiduciary duties (1 viewing) (1) Guest
Go to bottom Post Reply Favoured: 0
TOPIC: fiduciary duties
#5641
mmosm (Visitor)

Birthdate:
fiduciary duties 1 Year, 11 Months ago  
If i am a co-owner in an LLC with a partner and our business is web development and IT architecture. My partner and i work well together, but now i have an opportunity to partner with someone else to develop point of sale units for retail franchise stores. Do i have an obligation to include my partner in this new business opportunity? My current partner thinks that i have a duty to offer the opportunity to the LLC, and not keep it for myself.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
#5657
Mike Sareta (User)
Junior Boarder
Posts: 36
graphgraph
User Offline
Re:fiduciary duties 1 Year, 11 Months ago Karma: 0  
if the new business opportunity is within the same or similar line of business of that with your existing partner, or if this new opportunity grew out of the existing partnership, then yes you do have an obligation to share the opportunity with your existing partner.

No, there is no obligation to share all business opportunities with your partner, and no your current partner is not your only option for a partner, but you do have a duty of care and loyalty to your partner.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
#5674
tbm1231 (User)
Expert Boarder
Posts: 95
graphgraph
User Offline
Re:fiduciary duties 1 Year, 11 Months ago Karma: 0  
The only of breaching the duty of loyalty to a partner is if that harmed partner has the wherewithal to sue. If he cant find an attorney to sue on a contingent fee basis or he doesnt have the money to hire an attorney, then nothing will happen. The statute of limitations on a shareholder dispute is generally 6 yrs depending on the state.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
#5807
Shellrott (User)
Senior Boarder
Posts: 42
graphgraph
User Offline
Re:fiduciary duties 1 Year, 10 Months ago Karma: 0  
If a co-owner breaches his fiduciary duty, can he be awarded treble damages? Assume the state if Texas.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
Go to top Post Reply
Powered by FireBoardget the latest posts directly to your desktop
 

LegalNut Resources

Attorney jobs listings and sites with attorney salary information, attorney job search functions, and salaries by law firm.

Law school rankings show how competitive your lsat scores would be at top law schools in the US.

Law school admissions advice is available both at the LSAT forum and throughout the pre-law section, including LSAT prep options, law school personal statement help, LSAT score distributions and law school bar exam pass rates.

Copyright © 2006 - 2012 Rochester Ideas, LLC. All rights reserved.