New York Partner Fiduciary Duties in a Shareholder or Partnership Dispute
This is Charles Internicola and if you’re a New York business owner and you’re faced with a partnership dispute whether you’re 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 and not for their individual benefits that each partner cannot divert assets and that each partner cannot engage in acts of self-dealing. Now, when you’re faced with a 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 can 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 fiduciary 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 your book. Evaluate the examples I give as to fiduciary duties and obligations and what I believe to be effective courses of action and tactical roles that these rights may serve in your litigation.
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