New Jersey Partner Fiduciary Duties in Shareholder and Partnership Disputes
Hi, this is Charles Internicola and if you are a New Jersey business owner faced with a partnership dispute whether you're the shareholder of a corporation, member of a limited liability company or a partner in a general partnership. You may have a question about fiduciary rights. These are legal obligations that every partner owes to the other. Irrespective of what your shareholder agreement says or your member operating agreement says it is important to know that under New Jersey law every partner is imposed and obligated to a fiduciary duty obligation. Under fiduciary obligations partners can't divert assets and partners can't act to harm another partner and partners can't act for their individual benefits. They must act for the overall benefit of the corporation or limited liability company which you are a partner or a member. Fiduciary duties are critically important to evaluate effective courses of action for your partnership dispute. In my book, "The New York and New Jersey Partnership Dispute Guide", we discuss exactly what a fiduciary duty right mean and how you may utilize these rights in a very strategic and tactical role in establishing a course of action to protect your equity interests and to protect your business.