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This is Charles Internicola and if you're a New York business owner
and your faced with a partnership dispute whether you are a shareholder of a
corporation a member of a limited liability company or
a partner in a general partnership
it's important that you understand
fiduciary duties and obligations that each partner owes to one another.
Now under New York law every partner whether you're a member, shareholder, or just
a general partner
owes the other a fiduciary duty and obligation.
This means that each partner must act for the benefit of the corporate entity not for
there
their individual benefits.
That each partner can not divert assets
and that each partner can not engage in acts of self dealing.
Now when you're faced with a dispute, partnership dispute
very often a partner will violate his or her
fiduciary obligations and
it's important for you to understand these obligations because they'll play a critical role
in how you plan to deal with your partnership dispute and protect your equity interest.
In my book The New York and New Jersey Partnership Dispute Guide we
discuss fudiciary duties and obligations and more importantly
we talk about the tactical role that it should serve in your
litigation. If you'd like visit our website
and order a complimentary copy of the book. Evaluate the examples I give
as to fiduciary duties and obligations and what I believe to be
effective courses of action and tactical
role that these rights might serve in your litigation.